When the European System of Central Banks uses main refinancing operations, it is similar to the Federal Reserve using
A) dynamic open market operations.
B) defensive open market operations.
C) discount policy.
D) reserve requirements.
B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
The greater the risk associated with a particular outcome, the ________ likely they will purchase insurance, and the ________ money they are willing to pay for the insurance.
A) more; more B) less; more C) less; less D) more; less
Command economies are able to achieve greater allocative efficiency than market economies.
Answer the following statement true (T) or false (F)
When the wage rate is $10 per hour and the MPP of a worker is 15 units per hour, the unit labor cost is
A. $10.00 per hour. B. $0.67 per unit. C. $150.00 per hour. D. $15.00 per unit.