Fine tuning represents which of the following?
A) policy makers' attempts to minimize the deviations of actual output from the natural level of output
B) policy makers' attempts to achieve zero inflation
C) policy makers' attempts to minimize fluctuations in interest rates
D) policy makers' attempts to maintain a given rate of growth in the nominal money supply
E) policy makers' attempts to minimize variations in the real exchange rate
A
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Which of the following accurately describes condemnation by right of eminent domain?
(a) It involves the redistribution of property first owned by the government to private businesses. (b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period. (c) The benefits can be diverse and the costs can be concentrated. (d) It was never exercised by the federal government before the 1870s.
An ideal cost-of-living index measures:
A) The relative cost of maintaining a particular utility level. B) The relative changes in consumer satisfaction that arise from price increases. C) The relative price of those goods that are considered to be necessities in consumption. D) none of the above
If banks hold excess reserves, then the increase in the money supply that is brought about by an increase in demand deposits will not be as large as its potential
Indicate whether the statement is true or false
David's firm experiences diminishing marginal product for all ranges of inputs. The total cost curve associated with David's firm
a. gets flatter as output increases. b. gets steeper as output increases. c. is constant for all ranges of output. d. is unrelated to the production function.