The Federal Reserve has been ________ preemptive because of the changing view that monetary policy has to be ________ looking
A) more; forward
B) more; backward
C) less; forward
D) less; backward
A
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The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Ronald's real income in terms of hamburgers ________
A) depends on the quantity of hamburgers consumed B) depends on the quantity of hotdogs consumed C) is $20 D) is 10 hamburgers
Improvements in labor productivity
A) affect the level of wages, but do not affect the rate of economic growth. B) affect the level of profit, but do not affect the rate of economic growth. C) hinder economic growth, because they cause unemployment. D) contribute to economic growth.
Consider the market for medical doctors. Suppose the opportunity cost of going to medical school increases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium quantity of doctors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity.
Assuming a binding price floor, the more elastic the supply and demand curves are, the:
A. smaller the surplus a price floor will create. B. greater the shortage a price floor will create. C. smaller the shortage a price floor will create. D. greater the surplus a price floor will create.