One clear triumph for New Classical macroeconomics is its contribution to the analysis of hyperinflation
In bringing extremely rapid inflation to a halt by radical changes in policy, there is generally ________ loss of output, which ________ the Policy Ineffectiveness Proposition. A) only a modest, supports a mild form of
B) only a modest, completely overturns
C) a major, supports a mild form of
D) a major, completely overturns
A
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Suppose that when one person consumes a good, it is possible to provide it to others at no additional cost. Such a good is called
a. nonexcludable. b. nonrivalrous. c. a free good. d. a Clarke good.
Married couples with only one working spouse paying Social Security taxes will ______
a. receive less in benefits than a single individual with the same lifetime payments b. receive the same in benefits as a single individual with the same lifetime payments c. receive more in benefits than a single individual with the same lifetime payments d. receive more in cash benefits but less in health care benefits than a single individual with the same lifetime payments
. We saw in Chapter 18 that many central banks have turned to a policy framework of inflation targeting. Discuss if this would be effective in a country experiencing deflation.
What will be an ideal response?
The Board of Governors of the Federal Reserve System has
A. 12 members serving 14 year terms. B. 7 members serving 14 year terms. C. 7 members serving 4 year terms. D. 12 members serving 4 year terms.