An inflationary gap exists when consumers and businesses are demanding more output than the economy is capable of producing at full employment
a. True
b. False
Indicate whether the statement is true or false
True
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An aggregate supply curve depicts the relationship between
A) the price level and the quantity of nominal GDP supplied. B) household expenditures and household income. C) the price level and the quantity of real GDP supplied. D) the money wage rate and the quantity of real GDP supplied.
A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the
A) producers' ability to set price. B) profit maximization condition. C) amount of long run profit. D) entry conditions.
If the U.S. demand for British pounds increases,
a. the dollar price of a British pound will increase b. the dollar price of a British pound will decrease c. the exchange rate between dollars and pounds will be out of equilibrium d. the pound will fall in value against the dollar e. there will be no change in either the value of the dollar or the pound
Excise taxes of the Federal government include the following items, except:
A. Alcoholic beverage tax B. Tobacco tax C. General sales tax D. Gasoline tax