In exhibit 10-2, the equilibrium level of GDP is
What will be an ideal response?
$6.0 trillion
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The table above shows the revenue figures for the top four firms along with a total for the remaining firms in the fast-food industry. What is the four-firm concentration ratio for the industry?
A) 200 B) 20 percent C) 25 percent D) 80 percent E) 100 percent
Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing total quantity for Sweet Grams to produce?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 47,000
B) 22,500
C) 24,500
D) 52,000
During the financial crisis of 2008-2010, the Fed
a. increased its purchases of securities and other financial assets and extended more loans, which expanded the monetary base. b. increased its purchases of securities and other financial assets and extended more loans, which reduced the monetary base. c. reduced its purchases of securities and other financial assets and extended fewer loans, which expanded the monetary base. d. reduced its purchases of securities and other financial assets and extended fewer loans, which caused the monetary base to decline.