The monetary policy reaction curve:
A. is the guideline the Fed publishes in setting their interest rate target.
B. has remained fairly constant over the years.
C. is set by Congress and given to the Fed as a guideline to follow.
D. approximates the behavior of central bankers.
Answer: D
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Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Smith's consumer surplus is
A) $5,000. B) $15,000. C) $20,000. D) not able to be calculated from the information given.
When adult children return to their parents' home to live, it is called:
a. Boomeranging b. Cocooning c. Burnout d. Adaptation
The federal government awards a patent holder the exclusive right to make, use, and sell an invention for a period of
A) 20 years. B) 17 years. C) unlimited period. D) 100 years.
Government stabilization policy would be unnecessary if the economy automatically gravitated toward
a. full inflation. b. full employment. c. full recession. d. an inflationary gap.