The FOMC directive contains a target growth rate for
A) nominal GDP.
B) real GDP.
C) the inflation rate.
D) M2.
D
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The cost-revenue diagrams for a monopolist and a monopolistic competitor are similar except that the demand curve for the monopolistic competitor is flatter.
Answer the following statement true (T) or false (F)
The open economy effect and interest rate effect are two of the reasons why
A) higher price levels increase long-run aggregate supply. B) growth of the labor force does not contribute to economic growth in wealthy countries. C) capital formation does not contribute to economic growth in poor countries. D) the aggregate demand curve slopes downward.
Which of the following statements is true?
A) The growth rate of manufactured exports from the U.S. exceeded the growth rate of manufactured goods from China in the early 2000s. B) The U.S. economy has failed to meet the demand for manufactured goods domestically. C) U.S. exports are worth more than its imports. D) The import of crude oil by the U.S. has been declining since 1960.
A given supply curve illustrates
A) the relationship between price and quantity supplied. B) the effect of a change in resource costs on quantity supplied. C) the effect of a change in technology on quantity supplied. D) the relationship between expected future prices and quantity supplied.