The long-run demand curve for a monopolistically competitive firm is horizontal.
Answer the following statement true (T) or false (F)
False
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If the Fed wants to stimulate the economy, ________
A) it reduces money supply B) it lowers spending C) it increases tax rates D) it lowers short-run interest rates
The quantity theory of money and prices assumes
A) the price level is increasing at a constant rate. B) the price level is constant. C) real output is constant. D) velocity is constant.
In the expression Pr(deny = 1| P/I Ratio, black) = ?(-2.26 + 2.74P/I ratio + 0.71black), the effect of increasing the P/I ratio from 0.3 to 0.4 for a white person
A) is 0.274 percentage points. B) is 6.1 percentage points. C) should not be interpreted without knowledge of the regression R2. D) is 2.74 percentage points.
Explain how GNP differs from GDP