The Board of Governors of the Federal Reserve is independent of
A. both the President and Congress.
B. neither the President nor Congress.
C. the President, but not Congress.
D. Congress, but not the President.
A. both the President and Congress.
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Refer to Figure 15-18 to answer the following questions
a. What quantity will this monopoly produce and what price will it charge? b. Suppose the government decides to regulate this monopoly and imposes a price ceiling of $25. Now what quantity will the monopoly produce and what price will it charge? c. Will every consumer who is willing to pay the ceiling price of $25 be able to buy the product? Briefly explain.
Suppose consumer tastes and preferences shift from tacos to pizzas. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices.
A. increasing; decreasing B. decreasing; increasing C. decreasing; decreasing D. increasing; increasing
By definition, the purchasing power of money always drops when
A. there is a presidential election year. B. inflation occurs. C. the economy is experiencing full employment. D. deflation occurs.