Approximately how often does the Federal Open Market Committee meet?
The FOMC meets approximately every six weeks.
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An example of a real flow in the circular flow diagram is
A) a household's supply of work effort at its new business. B) Nike's payment of wages to workers in China. C) your county's collection of property taxes. D) the government's payment of wages to a soldier. E) a teacher's salary at the local high school.
The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output
Indicate whether the statement is true or false
If individuals have money illusion, they react to changes in certain prices without regard to simultaneous changes in other prices
Indicate whether the statement is true or false
Which one of the following is not a position taken by classical economists? a. Problems of inflation and unemployment will disappear without government intervention
b. All markets are competitive. c. All prices are flexible upward and downward. d. Inflation occurs when the money supply grows faster than real GDP. e. While government should not engage in countercyclical fiscal policy, it is appropriate that the Fed engage in countercyclical monetary policy.