Economic growth can be represented by a (an):
a. percentage change in real GDP
b. rightward shift of the long-run aggregate supply curve (LRAS).
c. outward shift of a production possibilities curve.
d. all of the above.
d
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The Fed prefers to focus on inflation based on which price index?
A) personal consumption expenditures price index B) consumer price index C) GDP deflator D) producer price index
University researchers create a positive externality because what they discover in their research labs can easily be learned by others who haven't contributed to the research costs. If there are no subsidies, what is the relationship between the equilibrium quantity of university research and the optimal quantity of university research produced?
a. They are equal. b. The equilibrium quantity is greater than the socially optimal quantity. c. The equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.
Which statement is true?
A. The National Football League, Major League Baseball, and the National Basketball Association are all monopsonies. B. Professional baseball, basketball, and football all used to be monopsonies, but ceased to be with the emergence of free agent bargaining. C. Professional sports are not now, nor ever were monopsonies. D. None of these statements are true.
If the U.S. were to revert to a gold standard, trade deficits would:
A. result in higher domestic interest rates. B. quickly disappear. C. result in high inflation. D. result in gold reserves in the U.S. increasing.