Economists agree that if a monetary policy rule is to be used, the best one makes the growth rate of the money supply constant
a. True
b. False
Indicate whether the statement is true or false
False
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A monopolistic competitive firm is inefficient because the firm:
a. earns positive economic profit in the long run. b. is producing at an output corresponding to the condition that marginal cost equals price. c. is not maximizing its profit. d. produces an output where average total cost is not minimum.
Which of the following steps should you follow when using a formula?
A) Make sure the number you calculate using the formula is economically reasonable
B) Make sure you understand the economic concept the formula represents
C) Make sure you are using the correct formula for the problem you are solving
D) All of the above are steps you should follow when using a formula
In the U.S. economy, rents are the smallest source of household income.
Answer the following statement true (T) or false (F)
In a constant-cost industry, a decrease in price causes:
A. some firms to exit the industry. B. quantity supplied to remain constant. C. some firms to enter the industry. D. price controls.