Central banks, as they conduct monetary policy, inevitably affect only ________, with no lasting impact on ________ in the long run.

If concerns about mad-cow disease impose economic losses on the perfectly competitive cattle ranchers, exit by the ranchers combined with no further changes in the demand for beef will force the price of beef to

A) decrease. B) not change. C) increase. D) fluctuate, with the trend being lower prices. E) probably change, but more information about the market supply of beef is needed to answer the question.

At equilibrium income:

a. planned and actual expenditure are equal. b. GDP will remained unchanged until an exogenous shock occurs. c. unplanned inventories are equal to zero. d. all of the above.