Stock and Watson found that ________ was responsible for about 20-30 % of the reduction in output volatility that occurred in the mid-1980s.
A. reduced shocks to productivity
B. better monetary policy
C. reduced shocks to food and commodity prices
D. better inventory control
Answer: B
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Monetary policy decisions are made by the
A) Federal Open Market Committee. B) Federal Reserve Economic Committee. C) Congress of the United States. D) U.S. Mint. E) Council of Economic Advisors.
Each of the following has lowered our rate of economic growth except
A. immigration. B. a low rate of productivity growth. C. a low savings rate. D. a declining educational system.
An economy where there is a wide gap between the compensation of the top workers in certain fields and that of the merely competent workers is called a(n)
A. inequality economy. B. hyperinflation economy. C. superstar economy. D. competitive economy.
A 2 percent increase in the price of shoes leads to a 5 percent decrease in the quantity demanded of shoes. The absolute price elasticity of demand is
A. 2.5. B. 0.2. C. 1. D. 0.4.