From 1800 to 1940, the price level in the United States
A) trended neither upward nor downward.
B) fluctuated wildly.
C) declined slowly.
D) increased slowly.
A
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
What is the primary reason for the differences between the U.S. banking system and those in other major industrial countries?
A) Economies of scale are greater in banking in the United States than in banking in other countries. B) legislation that led to the development of state and national banks C) the Federal Reserve System D) the National Bank
In the long run, new firms can enter an industry and so the supply elasticity tends to be
A) more elastic than in the short run. B) less elastic than in the short run. C) perfectly elastic. D) perfectly inelastic.
When growth goes down, unemployment tends to go:
A. up shortly after, and vice versa. B. down shortly after, and vice versa. C. down at the same time, and vice versa. D. up at the same time, but remains sticky on the way down and lags behind.