Equilibrium GDP occurs when total spending equals total output.
Answer the following statement true (T) or false (F)
True
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Most of the key decisions of the Federal Reserve are actually made by its Federal Open Market Committee
a. True b. False Indicate whether the statement is true or false
One reason why, in the last four decades, the number of new auto makers in the world has been very small compared to the past is that
A) governments restrict who can produce automobiles. B) new auto makers cannot obtain necessary inputs to produce new cars. C) new producers cannot match the economies of scale of existing auto makers. D) the automobile cannot be improved upon in any way by new producers.
According to the quantity theory of money, which one of the following economic variables would change in response to an increase in the money supply?
a. prices b. real income c. velocity d. employment
The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run
a. True b. False Indicate whether the statement is true or false