Unemployment causes production levels to be inefficient
a. True
b. False
Indicate whether the statement is true or false
True
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The Fed prefers that ________ so that ________
A) banks borrow reserves from each other; banks can monitor each other for credit risk B) banks borrow reserves from each other; the Fed can monitor banks for credit risk C) banks borrow reserves from the Fed; banks can monitor each other for credit risk D) banks borrow reserves from the Fed; the Fed can monitor banks for credit risk
In the short-run, a perfectly competitive firm can earn normal profits or above normal profit but it cannot incur losses
a. True b. False Indicate whether the statement is true or false
Leakages are offset by investment and government spending in the circular flow model
a. True b. False Indicate whether the statement is true or false
If changes in demand cause significant changes in equilibrium price, then supply must be quite inelastic.
a. true b. false