When the economy is on operating beyond the natural rate of real output, efforts to bring inflation down with monetary policy will be ____ successful and efforts to stimulate the economy will be ____ successful
a. More; less
b. More; more
c. Less; less
d. Less; more
a
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If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands. B) some input prices are increasing as the industry expands. C) firms are getting larger as the industry contracts. D) the law of diminishing marginal returns has set in.
Markets clear
a. in the short run b. when a depression occurs c. when a recession occurs d. roughly every ninety days e. eventually
All of the following are surplus items on the balance of payments accounts EXCEPT
A. U.S. residents purchases of gold from foreign residents. B. foreign tourists spending funds in the United States. C. sales of U.S. dollars to foreign residents. D. exports of merchandise.
Pure rent is the return to any factor of production that is in fixed supply.
Answer the following statement true (T) or false (F)