If a detrimental externality is being produced in the course of producing a good, then
a. P > MSC.
b. MSC < MPC.
c. incidental costs are negative.
d. output is inefficiently large.
d
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Control of monetary policy rests with
A) Congress. B) the President. C) the Federal Reserve. D) the Comptroller of the Currency. E) the U.S. Treasury.
Refer to Table 19-14. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2016 equals
A) 92.2. B) 102.6. C) 108.5. D) 109.1.
In the long-run, an increase in the budget deficit and an expansionary monetary policy would:
A) increase the price level only. B) increase both the price level and real income. C) increase real income only. D) none of the above.
Capitalism is an economic system in which there is public ownership of the means of production and resource allocation is determined through markets
a. True b. False Indicate whether the statement is true or false