An instrument rule is based on ________ of the economy while a targeting rule is based on ________ of the economy
A) the current state; the previous state
B) a forecast; the previous state
C) the previous state; the current state
D) the current state; a forecast
E) a forecast; the current state
D
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The break-even price for a perfectly competitive firm is the price that is equal to
A) AVC. B) ATC. C) MC. D) MR
Consider two labor markets in which jobs are equally attractive in all respects other than the wage rate. All workers are equally able to do either job. Initially, both labor markets are perfectly competitive. If a union organizes workers in one of the markets, then wage rate will tend to
a. rise in both markets b. fall in both markets c. rise for the union job, but remain unchanged for the nonunion job d. fall for the nonunion job, but remain unchanged for the union job e. rise for the union job and fall for the nonunion job
Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has decreased?
A. A B. B C. neither graph D. both graphs
Gross Domestic Product is equal to the sum of consumption expenditure, investment, net exports, and ________
A) government expenditures on goods and services B) saving C) profits D) net taxes