The institution that governs monetary policy is
A. the Treasury Department.
B. the President.
C. the Federal Reserve.
D. the Congress.
Answer: C
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Comparative advantage explains why a nation will benefit from trade when:
a. it exports more than it imports. b. its trading partners are experiencing offsetting losses. c. it exports goods for which it is a high-opportunity cost producer, while importing those for which it is a low-opportunity cost producer. d. it exports goods for which it is a low-opportunity cost producer, while importing those for which it is a high-opportunity cost producer.
Compared to LDCs, NICs have relatively _____ per capita GDPs.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is TRUE about the relationship among external, internal and social costs?
A) Social costs will always be higher than external costs. B) Social costs will always be lower than internal costs. C) Internal costs will always be higher than external costs. D) Internal costs will never equal external costs.