David and Christian Romer's estimate of monetary policy's current effectiveness lag, defined as the time necessary for a policy change to have one-half its ultimate effect on GDP, is approximately ________ months
A) 2
B) 6
C) 10
D) 19
E) 24
D
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In the history of the U.S. economy, which economic era saw both high unemployment and high inflation at the same time?
a. After the Great Depression to the early 1970s b. Since the early 1980s c. The colonial period d. Before and during the Great Depression e. From the early 1970s to the early 1980s
Figure 10-5
indicates that the output of the economy is
a.
greater than the economy's long-run capacity.
b.
equal to the economy's long-run capacity.
c.
less than the economy's long-run capacity.
d.
consistent with long-run equilibrium.
The income elasticity of demand for bicycles is +10, which implies that bicycles are
A) an inferior good. B) a normal good. C) a substitute good for motorbikes. D) a complement good for motorbikes.
If demand curve D2 represents a monopolistic competitor, then its demand would be __________ elastic than D1 but __________ elastic than D3.
A. less; more
B. more; less
C. less; less
D. more; more