If the Russian ruble depreciates relative to the U.S. dollar, Russian steel becomes more expensive for American firms to purchase.
Answer the following statement true (T) or false (F)
False
If the Russian ruble depreciates relative to the U.S. dollar, Russian steel becomes less expensive for American firms to purchase.
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If short-run equilibrium output equals 50,000 and potential output (Y*) equals 45,000, then this economy has a(n) ________ gap that can be closed by ________.
A. expansionary; decreasing government purchases B. expansionary; increasing transfer payments C. expansionary; decreasing taxes D. recessionary; increasing government purchases
Deadweight loss results from a misallocation of resources
a. True b. False Indicate whether the statement is true or false
What role do almost all economists agree the central bank has in a financial crisis?
A. Lender of last resort B. Expansionary fiscal policy to reduce herding C. No role D. Contractionary fiscal policy to reduce leverage
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary