Changes in the size of an industry may cause supply to shift
a. True
b. False
Indicate whether the statement is true or false
True
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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.
The short-run effect of an increase in the supply of money is
A) an increase in the price level, a decrease in real Gross Domestic Product (GDP), but an increase in nominal national income. B) an increase in the price level but not in real Gross Domestic Product (GDP). C) an increase in both real Gross Domestic Product (GDP) and the price level. D) an increase in real Gross Domestic Product (GDP) but not in the price level.
The economist George Stigler offered support for the Sherman Act when he said
A) competition can only be preserved by protecting competitors from cutthroat competition. B) conglomerate mergers could not be prevented or regulated if it were not for the Sherman Act's prohibition of combinations in restraint of trade. C) predatory pricing costs businesses more than it saves consumers. D) the ghost of Senator Sherman is an ex officio member of the board of directors of every large company. E) the Sherman Act is essential if the Clayton act is to be enforceable in any way.
During a banking panic, c ________, e ________, and the money supply ________
A) rises, rises, falls B) rises, falls, is unaffected C) falls, falls, is unaffected D) falls, rises, rises E) falls, falls, falls