The combination of shocks hitting an economy is:
A. usually known to policymakers before they decide what action to take.
B. hard to see without looking at lots of economic data.
C. difficult to identify because they are so numerous.
D. irrelevant as long as the rates of inflation and real growth are known.
Ans: C. difficult to identify because they are so numerous.
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A temporary decrease in government purchases causes the real interest rate to ________ and the price level to ________ in general equilibrium
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
As a group, oligopolists would always earn the highest profit if they would
a. produce the competitive quantity of output. b. produce more than the competitive quantity of output. c. charge the same price that a monopolist would charge if the market were a monopoly. d. operate according to their own individual self-interests.