Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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The phrase "a change in demand" most directly implies a
A) movement along a demand curve. B) movement along the price curve. C) change in the quantity demanded of a good. D) shift of the demand curve. E) movement along the quantity curve.
According to the Taylor rule, if inflation in the last year was 6% and output was 2% below its full-employment level, the nominal Fed funds rate should be
A) 3%. B) 5%. C) 7%. D) 9%.
When the value of the dollar decreases, the net effect on the economy
A. will be decrease in short-run aggregate supply and an increase in aggregate demand. B. will be an increase in short-run aggregate supply and a decrease in aggregate demand. C. will be an increase in both aggregate demand and aggregate supply. D. will be a decrease in both aggregate demand and aggregate supply.
Describe the structure of the Fed's Open Market Committee (FOMC). What is this committee's primary responsibility?
What will be an ideal response?