Economic profits are competed away in the long run for a monopolistic competitor because of the absence of significant _______________________.
Fill in the blank(s) with the appropriate word(s).
barriers to entry
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The Fed can change the money supply more quickly by using open market operations as compared to discount policy
Indicate whether the statement is true or false
What is the main reason for changes in GDP in the short run?
What will be an ideal response?
The maximum amount by which the entire banking system can create money is equal to:
a. a fraction of its excess reserves. b. a fraction of its required reserves. c. a multiple of its total reserves. d. a multiple of its excess reserves. e. its excess reserves.
Which of the following would not be included in GDP?
a. the real estate commission on the sale of a used home b. an attorney's fee for handling the sale of a used home c. the value of a used home, at its sale price d. fees paid to have the house cleaned