The notion that the central bank should set its federal funds target by a formula that puts weight on both output and inflation gaps is known as ________
A) the Taylor rule
B) the constant growth rate rule for money
C) the equation of exchange
D) the Lucas rule
A
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Skill-biased technological change increases wage inequality by altering the ________ high-skilled workers relative to low-skilled workers.
A. reservation price of B. supply of C. demand for D. mobility of
Unlike purely competitive firms, firms in monopolistic competition will operate with excess capacity even in long-run equilibrium
a. True b. False Indicate whether the statement is true or false
Gold is a perfect medium of exchange and measure of value because of its
a. divisibility, portability, and homogeneity b. divisibility and durability c. durability and relative scarcity d. durability and homogeneity e. divisibility, durability, and relative scarcity
The unemployment rate is defined as the number of
a. unemployed individuals divided by the number of employed individuals. b. employed individuals divided by the number of individuals in the working-age population. c. unemployed individuals divided by the number of individuals in the working-age population. d. unemployed individuals divided by the number of individuals employed plus the number of unemployed.