When Ben Bernanke referred to the exit strategy of the Fed, he was referring to:
A) his plans to retire as chair of the Fed
B) when the Fed would stop implementing monetary policy
C) the process by which the Fed would shrink its balance sheet
D) increasing the federal funds rate back to where it was prior to the financial crisis
C
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The long-run aggregate supply curve is vertical
Indicate whether the statement is true or false
Pure monopoly is not studied because of its descriptive realism, but because it is a stepping stone toward more realistic models
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. A business owner who begins reducing his office hours once the firm is highly profitable illustrates the income effect. 2. When wages are above the equilibrium level, demand will exceed the quantity of labor supplied. 3. When the established wage is above the equilibrium level, unemployed workers are willing to accept a lower wage in order to get jobs. 4. When productivity rises, the labor demand curve shifts to the right. 5. Efficiency-increasing technology will move the labor demand curve to the left.
Within a game theory model, if a change in decision-making raises corporation X's profits by $100 and lowers corporation Y's profits by $50, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.