On average, since 1900 U.S. output has grown by roughly ________ percent per year.
A. 3
B. 9
C. 1
D. 6
Answer: A
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During the Great Depression, one reason the Federal Reserve did not respond forcefully was the "free gold problem," which refers to the idea that ___
a. gold was fleeing Nazi Germany, thus undermining the Fed's attempt to control the money supply b. gold was essentially free because people had excess supplies of currency that could be converted into gold c. the Fed claimed that almost all its gold was tied up by reserve requirements (there was little free so it could not increase the money supply) d. gold was essentially free because silver, which existed in abundance, could be converted into gold at the fixed rate of 16:1
National health care programs are not as effective as they could be because:
A. health care providers tend to have a low absentee rate. B. public health care clinics often run out of important drugs. C. doctors rarely diagnose below their knowledge frontier. D. many doctors in clinics do not have sufficient knowledge to properly diagnose patients.
Answer the following statement(s) true (T) or false (F)
1. Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods. 2. Population changes are a key determinant of demand for goods and services. 3. Mae's Restaurant is the only establishment in town that sells cinnamon rolls. Mae therefore has a monopoly on the cinnamon roll business in town. 4. Competition in an oligopoly is centered more on making one product stand out from another than it is on price. 5. Products manufactured in foreign countries by U.S. companies are included in the U.S.'s gross domestic product (GDP).
The economy moves up a stationary aggregate demand curve when the Fed:
A. decreases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function. B. increases its target inflation rate, reflected by a downward shift in the Fed's policy reaction function. C. decreases its target inflation rate, reflected by an upward shift in the Fed's policy reaction function. D. increases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function.