In the long run, a perfectly competitive firm leaves the market if the market price is less than the firm's average total cost

Which of the following is not a policy instrument of the Fed?

A) Changing reserve requirements B) Open-market operations C) Changing the discount rate D) Changing the federal government budget deficit

Unemployment compensation is

a. part of GDP because it represents income. b. part of GDP because the recipients must have worked in the past to qualify. c. not part of GDP because it is a transfer payment. d. not part of GDP because the payments reduce business profits.