The gap between real GDP per person in the United States and South America has been narrowing since 1980

The break-even price for a perfectly competitive firm is the price that is equal to

A) AVC. B) ATC. C) MC. D) MR

The Fed's purchase of U.S. government securities constitutes a(n):

a. contractionary policy because it lowers the amount of total reserves in the banking system. b. contractionary policy because it lowers the amount of excess reserves in the banking system. c. expansionary policy because it raises the amount of total reserves in the banking system. d. expansionary policy because it lowers the amount of total reserves in the banking system. e. expansionary policy because it raises the amount of required reserves in the banking system.