In the figure above, the ________ gap is equal to ________
A) recessionary; $1 trillion
B) inflationary; $1 trillion
C) recessionary; $12 trillion
D) inflationary; $12 trillion
E) recessionary; $13 trillion
A
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When the price of a good rises, the resulting change in quantity demanded due solely to the decline in your income's purchasing power is called the
a. Giffen-good phenomenon. b. law of demand. c. substitution effect. d. income effect.
Risk Premium refers to
A) the average difference over a long period of the interest rate on long-term bonds and the interest rate on the short-term federal funds rate. B) the average difference over a long period of the interest rate on short-term financial instruments and the interest rate on the discount rates. C) the difference between the corporate bond rate and the risk-free rate of Treasury bonds. D) the difference between prime rate and the discount rate.
On the eve of the Civil War, which U.S. region had the highest per capita income?
a. the Northeast region b. the South Atlantic region c. the North Central region d. the West South Central region
The purpose of convention is
A) to create a Nash game. B) to determine one equilibrium out of a multi-equilibrium situation. C) to offer multiple choices to players. D) all of these choices.