A government policy aimed at protecting people against the risk of adverse events is called
social insurance
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Which of the following is part of an economic model?
A) assumptions B) norms C) preferences of economic agents D) opinions
Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?
A) to encourage more people to become farmers B) to phase out the use of price ceilings in agricultural markets C) to phase out price floors and return to a free market in agriculture D) to grant free land to farmers in order to produce crops that were particularly scarce
The Fed has attempted to solve the problems of being unable to directly control the variables that determine economic performance and the timing lags in observing and reacting to economic fluctuations by
A) pressing Congress for legislation which would expand its powers. B) using targets to meet its goals. C) abandoning some goals in order to achieve others. D) devising new monetary policy tools.
If the Fed wants to reverse the effects of a favorable supply shock on the inflation rate, it should
a. increase the money supply growth rate which also moves unemployment closer to its natural rate. b. increase the money supply growth rate, but this moves unemployment further from its natural rate. c. decrease the money supply growth rate which also moves unemployment closer to its natural rate. d. decrease the money supply growth rate, but this moves unemployment further from its natural rate.