According to the textbook application, recent EPA rules and regulations proposed under the Obama administration
a. fall into the category of market-based policies
b. have been met with wide approval among all constituencies
c. achieve allocatively efficient levels of pollution abatement
d. have been shown to meet the cost-effective criterion
e. none of the above
e. none of the above
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The tradeoff exhibited by the short-run Phillips curve is
A) higher price level with lower real GDP. B) lower inflation with lower unemployment. C) changing inflation with constant unemployment. D) higher inflation with higher unemployment. E) higher unemployment with lower inflation.
In the early twentieth century, general stores in the upper Midwest had more power over prices because:
a. they acted as intermediaries between farmers and buyers. b. the transportation network was bad, leaving farmers and buyers with no alternatives except the general stores in small towns. c. inventories at the general stores were low and demand was high. d. stockouts were a chronic problem and there was little variety.
A customer of Bank A writes a $20,000 check for a new car, which the car dealer deposits in his bank, Bank B. Which of the following statements pertaining to this transaction is most true?
A. Neither Bank A's nor B's reserves will change B. Banks A's reserves will decrease by the required reserve rate times $20,000 and Banks B's reserves will increase by (1- required reserve rate) times $20,000 C. Bank B's reserves will decrease and Bank A's reserves will increase by $20,000 D. Bank A's reserves decrease by $20,000 and Bank B's reserves increase by $20,000