The U.S. non-institutional adult population consists of all civilians 16 years of age and older except which of the following:
a. those in prison
b. those in mental hospitals
c. those in homes for the aged
d. All of the above are excluded in the U.S. non-institutional adult population
d
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Which branch of economics considers that economic agents do not always act rationally?
A) Microeconomics B) Macroeconomics C) Behavioral economics D) Econometrics
The passage of the Smoot-Hawley Tariff in 1930 sparked a trade war that caused net exports to ________ and real GDP to ________
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
Vertical contracts that aim to decrease retailer prices typically
a. Benefits the consumers, manufacturers and retailers b. Hurts all the manufacturers, consumers and retailers c. Benefit the manufacturer, hurt the consumer and retailer d. Benefit the retailer, hurt the manufacturer and consumer