The Fed is part of the executive branch of the federal government
a. True
b. False
Indicate whether the statement is true or false
False
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If full-employment GDP is equal to $4.2 trillion, what does the long-run aggregate supply curve look like?
A) It is a vertical line at a level of GDP above $4.2 trillion. B) It is a vertical line at $4.2 trillion of GDP. C) It is a horizontal line at $4.2 trillion of GDP. D) It is a vertical line at a level of GDP below $4.2 trillion.
Government regulations
A) have no impact on supply. B) only change the quantity supplied, not the supply curve. C) are generally ineffective due to lobbying by suppliers. D) can change both quantity supplied as well as the supply curve.
If demand is elastic, a decrease in price leads to a decrease in total revenue
a. True b. False
If a violation of international law is found by the WTO Dispute Settlement Body, the offending state
a. can simply ignore the ruling and leave the other party with no options. b. will be removed from its membership. c. must accept any penalty given it. d. can change its practice or can offer compensation.