Thinking about the Coase theorem, the private solution yields ________ amount of efficiency and ________ distribution of surplus as compared to a government solution.
A. the same; a different
B. the same; the same
C. a different; the same
D. a different; a different
Answer: A
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Which of the following statements about potential GDP is false?
A) The Fed's goal is to have equilibrium GDP close to potential GDP. B) When GDP is at potential, cyclical unemployment is zero. C) It occurs when firms are producing at their maximum level of output. D) It occurs when firms are producing with a workforce of normal size working normal hours.
The aggregate supply curve shows the relationship between ____ and ____, holding all other factors constant
a. price level; quantity of real GDP supplied b. price level; supply of nominal GDP c. nominal GDP; price level of real GDP d. price level; amount of nominal GDP supplied
Refer to the graph shown. Expectations of inflation at point B are:
A. 1 percent. B. 2 percent. C. 3 percent. D. unknown.
There is a strong consensus among economists that monetary policy is more effective when it is formed:
A. independently of political pressure. B. to keep financial markets guessing. C. by an individual rather than a committee. D. in secrecy without the reasoning behind it being revealed for many years.