The actions of the Fed:
a. must be approved by the president and Congress
b. must be approved by the president alone.
c. must be approved by Congress alone.
d. are not subject to approval by any branch of government.
e. are subject to the approval of the electorate.
d
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Americans viewed the 12 percent mortgage interest rates of the 1980s as exorbitantly high while they considered the 7 percent mortgage interest rates of the late 1990s as reasonable. This represents a confusion of
a. actual and expected inflation. b. real versus nominal inflation. c. real versus expected mortgage payments. d. real versus nominal interest rates.
One reason the decline in asset prices just before and during the 2008 recession undermined the health of the economy is that they:
A. raised the trade deficit when foreigners reduced purchases of U.S. assets. B. led to a contraction in consumer loans because the value of collateral declined. C. raised the value of the dollar making U.S. goods more expensive to foreigners. D. undermined consumer and business confidence.
If they could reach agreement, two firms in a two firm industry facing the advertising dilemma would agree not to advertise.
Answer the following statement true (T) or false (F)