The run up in gasoline prices during 1999 and 2000
A. put them about the same as their long-term inflation-adjusted average.
B. still had them much below their long-term inflation-adjusted average.
C. put them well above their all-time high.
D. put them much above their long-term inflation-adjusted average.
Answer: A
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The Federal Reserve fears that the United States economy is growing too slowly and is stuck in a recession. To move the economy back to its potential GDP, the most likely policy action for the Fed is to ________ the federal funds and thus ________
A) raise; increase aggregate demand B) raise; decrease aggregate demand C) lower; increase aggregate supply D) lower; decrease aggregate supply E) lower; increase aggregate demand
The amount of a tax paid by the buyers will be larger the
A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.
Matt's real wage in 2014 is $26.80. If the price level is 104, what is Matt's nominal wage?
A) $30.80 B) $27.87 C) $26.80 D) $25.77
Expansionary monetary policy is essentially finished once the Fed reduces the federal funds rate to zero
a. True b. False Indicate whether the statement is true or false