Monetarists maintain that
A. the best way to study the economy is with the expenditure schedule.
B. control over the money supply implies control over real GDP.
C. velocity is not constant but is fairly predictable.
D. All of these responses are correct.
Answer: C
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The U.S. aggregate demand curve shifts leftward if
A) the economic conditions in Europe improve so that European incomes increase. B) there is a tax cut. C) the Federal Reserve increases the interest rate. D) the exchange rate falls.
Governments enact policies to
a. make the distribution of income more efficient. b. make the distribution of income more equal. c. maximize the use of the welfare system. d. minimize the use of in-kind transfers.
Governments at the local, state, or federal level create monopolies by awarding a single firm the exclusive right to supply a good or service. Examples include food concessions at airports and sports events, cable-access television, and garbage collection
Indicate whether the statement is true or false
According to the textbook, the most important and enduring source of market power is:
A. government franchises. B. economies of scale. C. copyrights. D. patents.