A cartel is a form of
A) collusion.
B) vertical merger.
C) noncooperative competition.
D) negative sum game.
Answer: A
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The Federal Reserve has ________ regional Federal Reserve Banks and ________ members of the Board of Governors
A) 12; 12 B) 12; 7 C) 7; 12 D) 7; 7
Higher marginal propensities to consume and invest will make the slope of the aggregate expenditure function steeper
Indicate whether the statement is true or false
Contrast a positive supply shock with a negative supply shock.
a. A positive supply shock increases short-run aggregate supply, whereas a negative supply shock decreases short-run aggregate supply. b. A positive supply shock is an expected event, whereas a negative supply shock is an unexpected event. c. A positive supply shock is permanent, whereas a negative supply shock is temporary. d. A positive supply shock causes the short-run aggregate supply curve to shift leftward, whereas a negative supply shock causes the short-run aggregate supply curve to shift rightward.
Which of the following statements correctly differentiates catching-up growth from cutting-edge growth?
A. Poorer countries with low levels of capital stock will always display catching-up growth while rich countries will not. B. Cutting-edge growth leads to convergence while catching-up growth does not. C. Catching-up growth comes primarily from capital accumulation while cutting-edge growth comes from technological development. D. Catching-up growth can go on indefinitely while cutting-edge growth cannot