In the long run, imports will most likely be paid for with

Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price and elastic if the quantity supplied responds only slightly to price

a. True b. False Indicate whether the statement is true or false

The ability of the Federal Reserve to use monetary policy to affect economic variables such as real GDP ultimately depends upon its ability to affect

A) tax rates. B) real interest rates. C) nominal interest rates. D) foreign exchange rates.