Estimates from large macroeconometric models of the U.S. economy suggests that it takes over ________ for monetary policy to affect output and over ________ for monetary policy to affect the inflation rate
A) 1 year; 2 years
B) 2 years; 1 year
C) 1 year; 6 months
D) 6 months; 1 year
A
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In the 1970s there was a long draught in California that left a large section of Southern California parched
As water prices began to soar how do you think most residents changed their consumption of water? What kinds of water consumption probably did not change and why? Make sure to use utility in your explanation.
An increase in the demand for a product will shift the demand curve for labor producing the product to the left
a. True b. False Indicate whether the statement is true or false
If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease. b. The quantity of beef supplied will increase. c. There will be a surplus of beef. d. There will be a shortage of beef.
If demand were perfectly elastic, there would be no excess burden.
Answer the following statement true (T) or false (F)