The lag before the full effects of monetary policy on inflation are felt is longer than the lag before its effects on real output and unemployment are felt
a. True
b. False
Indicate whether the statement is true or false
True
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Consider a short-run equilibrium in a perfectly competitive market. Suppose that the firms' average total cost and marginal cost schedules differ. In the short run,
A) all firms in the market must be able to make an economic profit. B) all firms produce equal amounts of output. C) some firms might incur an economic loss, but still produce output. D) some firms might make an economic profit and, as a result, shut down. E) all firms in the market must be able to make either positive or zero economic profit.
If a member of the Board of Governors is limited to one 14-year term, how did Alan Greenspan serve 19 years on the Board of Governors?
A) A special exemption was approved for him. B) The rule was not in place at the time. C) He completed the remaining years left on someone else's term and then served one 14-year term. D) He didn't serve consecutive terms.
You acquire human capital by:
A. getting an education. B. investing in health care. C. gaining experience in jobs. D. All of these are true.
A tariff is a tax on ____ goods that is designed to ____.
A. exported; protect domestic industries B. exported; hurt foreign industries C. imported; made domestic consumers pay more D. imported; protect domestic industries