The Monetarists advocate the monetary rule in order to stabilize the business cycle which states that the money supply should be decreased by a constant rate year after year
a. True
b. False
Indicate whether the statement is true or false
False
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If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals
A) 1.33. B) 0.75. C) 4.00. D) 3.44. E) None of the above answers is correct.
Nonlinear least squares
A) solves the minimization of the sum of squared predictive mistakes through sophisticated mathematical routines, essentially by trial and error methods. B) should always be used when you have nonlinear equations. C) gives you the same results as maximum likelihood estimation. D) is another name for sophisticated least squares.
A shortage of product means a(n):
a. excess supply of the product. b. excess demand of the product. c. situation where the quantity demanded is less than the quantity supplied. d. situation where the quantity supplied exceeds the quantity demanded. e. situation where the current market price is too high.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a ___________ economic statement, and the labor head's statement is a(n) _____________ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper