The top policy goal for Paul Volcker when he became chairman of the Federal Reserve's Board of Governors in 1979 was
A) fighting inflation.
B) increasing employment.
C) increasing economic growth.
D) increasing regulation of commercial banks.
E) a low current account deficit.
Answer: A
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The table above gives some of the entries in the national income and product accounts. The government sector has a ________, and the private sector has a ________
A) surplus of $50 billion; surplus of $25 billion B) deficit of $50 billion; surplus of $25 billion C) surplus of $50 billion; deficit of $25 billion D) deficit of $50 billion; deficit of $25 billion
When expansionary monetary policy pushes real interest rates to an artificial low, the Austrian view of the business cycle predicts this will lead to
a. an increase in aggregate demand and a lengthy expansion in real output. b. a recession, followed by a strong and lengthy expansion in real output. c. malinvestment during an economic boom, followed by a recession. d. malinvestment during a temporary recession, followed by a strong and lengthy economic boom.
If the price of inputs rises and foreign income rises:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls, and aggregate supply rises. d. Aggregate demand and aggregate supply rise. e. Aggregate demand and aggregate supply fall.
Which legislation would U.S. labor unions support?
a. legislation to eliminate all restrictions on immigration b. legislation to increase direct foreign investment in the United States c. legislation to ease rules on immigration d. Labor unions would support all of these measures.