The age-earning cycle predicts that a typical person will
A) be earning $50,000 in the year 2010.
B) be earning the lowest income right before retirement.
C) be earning the highest income right before retirement.
D) be earning the highest income at about the age 45-50.
D
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A recession shows
A) supply always equals demand. B) supply never equals demand. C) thousands of businesspeople have misread market signals. D) real GDP must be lower than nominal GDP. E) not enough households are using their credit cards.
According to monetary theories of the business cycle, fluctuations are
a. independent of the banking system. b. more prevalent in countries with modern banking systems. c. more prevalent in agricultural countries. d. less prevalent in those countries with modern banking systems.
When deciding on an appropriate course of action to counter a recessionary gap, which of the following do policy makers consider?
a. the slope of the short-run Phillips curve b. the costs of inflation and unemployment c. the efficiency of the economy's self-correcting mechanism d. All of the above are correct.
The Federal Reserve cannot affect the price level directly; therefore, the Fed typically uses the following as its policy target:
A. Interest rates B. Government expenditures C. Inflation