National income
A. will always equal personal income.
B. is always less than personal income.
C. is always greater than personal income.
D. may be greater than or less than personal income.
Answer: D
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For a given domestic and foreign price level, an increase in the nominal exchange rate ________ the real exchange rate.
A. offsets any change in B. may either increase or decrease C. increases D. decreases
If real GDP is ________ than potential GDP, employment is ________ than its full-employment level and the unemployment rate rises ________ the natural unemployment rate
A) less; more; above B) more; more; above C) more; less; above D) less; less; below E) less; less; above
If a single-price monopoly is making a large economic profit, what keeps other firms from competing away the profit?
A) There are barriers to entry. B) The monopoly must be keeping the amount earned secret. C) The market must be too small. D) The existing firm's ATC must be too large to allow competitors to enter and earn an economic profit. E) Nothing, other firms will enter and will compete away the profit.
The “Taylor rule” for monetary policy provides the Fed with a
A. mechanical prescription for monetary policy. B. benchmark to guide policy decisions. C. time frame for discount rate changes. D. rule for changing the M1 money supply.