Say's Law is consistent with the _______ view of the economy.
A. Classical
B. Keynesian
C. Monetarist
D. Supply-side
A. Classical
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The output losses from an adverse inflation shock are ________ and the output losses from a fall in potential output are ________.
A. large; small B. small; large C. permanent; temporary D. temporary; permanent
Suppose the U.S. dollar is defined by law as being equal to 0.1 ounce of gold. Further suppose the British pound is defined as being equal to 0.05 ounce of gold. The implied exchange rate between the pound and the dollar is
A. A fixed rate at which $1 = 2 pounds. B. A flexible rate at which $2 = 1 pound. C. A fixed rate at which $2 = 1 pound. D. A flexible rate at which $1 = 2 pounds.
The principal mechanism for directly changing the reserves of the banking system is:
A. The discount rate. B. The reserve requirement. C. Open-market operations. D. The federal funds rate.
Is demand for electricity more price elastic when measured over a short period of time or a long period of time? Explain.
What will be an ideal response?