The 4-year term of the president of the Fed is coterminous with the 4-year term of the president of the U.S
a. True
b. False
B
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Economic model building begins with the construction of greatly oversimplified "benchmark" models, which are brought closer to reality by gradually removing the simplifying assumptions
In this process, more and more ________ variables become ________. A) short-run, long-run B) exogenous, endogenous C) long-run, short-run D) endogenous, exogenous E) nominal, real
Which of the following are monetary policy goals?
I. maintain high interest rates II. keep unemployment rates low III. reduce the size of the banking sector IV. prevent high rates of inflation A) I, II, III, and IV B) I, II, and III C) II, III, and IV D) II and IV
Exhibit 17-5 Short-run and long-run Phillips curve
Suppose the government shown in Exhibit 17-5 uses contractionary monetary policy to reduce inflation from 9 to 6 percent. If people have rational expectations, then:
A. the economy will remain stuck at point E1. B. the natural rate will permanently increase to 8 percent. C. unemployment will rise to 8 percent in the short run. D. unemployment will remain at 6 percent as the inflation rate falls.
Refer to Figure 1.7. Which of the following points are considered to be inefficient?
A. G. B. D, G, and J. C. E. D. D.