In the long run, changes in equilibrium GDP are most likely to be caused by
a. changes in full-employment output
b. open market operations by the Fed
c. changes in nominal wages
d. contractionary or expansionary fiscal policy
e. none of these; long-run equilibrium GDP is a constant
A
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Which of the following statements describes a supply curve?
a. A supply curve is a graphic illustration of the relationship between supply, shown on the vertical axis, and demand, shown on the horizontal axis. b. A supply curve is a graphic illustration of the relationship between price, shown on the horizontal axis, and quantity, shown on the vertical axis. c. A supply curve shows the same information as a supply schedule. d. A supply curve shows the same information as a demand schedule.
The poverty rate is the percentage of the population whose family income falls below the poverty line
a. True b. False Indicate whether the statement is true or false
Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's total utility ________ with each hour that he skied.
A. first increased than decreased B. increased C. decreased D. remained constant
When banks hold more reserves than are required, such reserves are called
A) total reserves. B) required reserves. C) excess reserves. D) loan reserves.