In a competitive market, in the long run, economic profits will cause:

Ceteris paribus, if the Fed raises the discount rate, then:

True or False. The budget constraint framework assumes that sunk costs that were incurred in the past and cannot be recovered, should not affect the current decision.

True or False.  The natural rate of unemployment is approximately 4-6% in the US due to structural and frictional unemployment.

The key decision maker for U.S. monetary policy is:

Which of the following is true during the expansionary phase of the business cycle?

True or False.  Budget Deficits and surpluses experienced by the US have been impacted by the amount of spending and collection of tax revenues over time.

True or False.  The natural rate of unemployment is approximately 4-6% in the US due to structural and frictional unemployment.

Total cost is equal to _____ costs at an output level of zero.

True or False.  Comparing spending over time in nominal dollars is accurate in examining government spending.