Fed policies since the 1980s have attempted to
A) overshoot natural real GDP.
B) undershoot natural real GDP.
C) "stall" the economy whenever natural real GDP is growing too fast.
D) A and B.
E) none of the above.
E
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During the American Revolution, Washington’s army nearly starved to death after price controls were enacted to “help” buy food for the army at affordable prices. The Continental Congress later passed a law that
A. exhorted the public to obey the law and help supply food to the army. B. passed tax increases to punish those who refused to sell the food. C. revised the American Law of Supply and Demand. D. overrode local ordinances and essentially repealed the price controls. E. called for the repeal of other price control measures.
At the utility maximizing level, the price of a shirt is $15 and the price of a trouser is $12 . At this level, the marginal utility derived from the shirt is 30 utils and the marginal utility derived from the trouser is _____
a. 24 utils b. 30 utils c. 25 utils d. 22 utils
During the 2000-2009 decade,
a. the economic freedom rating of the United States fell, but the growth rate of real GDP was more rapid than in recent decades.
b. the economic freedom rating of the United States increased and the growth of real GDP was more rapid than that of recent decades.
c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades.
d. the economic freedom rating of the United States increased but the growth of real GDP was less rapid than that of recent decades.
With respect to controlling the money supply, the law requires the Fed to take orders from:
A. the President. B. the Speaker of the House. C. the Secretary of the Treasury. D. no one?the Fed is an independent agency.