The relationship between price and quantity supplied, ceteris paribus, is
A. quantity demanded.
B. supply.
C. equilibrium.
D. demand.
Answer: B
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Economists of the rational expectations school: a. have no confidence in the ability of workers and firms to observe and react to economic events
b. believe workers and firms behave the same regardless of what the Fed does. c. have great faith in the ability of monetary policy makers to maintain a full employment economy with stable prices. d. believe that effective monetary policy can shift the potential level of output to the right. e. believe workers and firms make decisions based on what they think monetary policy will be in the future.
The U.S. government need never default on its debt because
A. it can easily nationalize banks, who own all the debt, and then owe it to itself. B. it can raise the funds it needs to repay by taxation, and it can print money to repay. C. it owes the debt to itself, and it can always ignore a demand for repayment. D. it can simply reduce spending enough to generate funds to repay its debt.
When making the decision to invest, the evaluation of the expected flow of future productive services that the investment project being considered will yield is an important consideration. This statement is accurate for
A. firms and households, but not for governments considering an investment project. B. firms, households, and governments. C. firms and governments, but not for households considering an investment project. D. firms, but not for governments and households considering an investment project.
The following data about a hypothetical economy are in billions of dollars.
A.
$6,080 billion
B.
$6,230 billion
C.
$6,380 billion
D.
$6,400 billion