The Taylor rule accurately predicted the changes in the federal funds target during the period
A) when Alan Greenspan was the chairman of the Federal Reserve Board.
B) when Paul Volcker was the chairman of the Federal Reserve Board.
C) when Arthur Burns was the chairman of the Federal Reserve Board.
D) when William McChesney Martin was the chairman of the Federal Reserve Board.
Answer: A
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In the United States, the fact that the gap between the rich and the poor has been increasing is often justified by economists on the grounds that greater
a. efficiency can never be achieved without greater inequality. b. inequality does not create any problems. c. inequality is a desirable end in itself. d. inequality is an undesirable consequence of greater efficiency. e. efficiency should be achieved at any cost.
When the price of DVDs falls relative to movie and restaurant prices, and consumers buy more of the DVDs, economists call this
A) indifference. B) satisfaction. C) marginalization. D) substitution.
A game in which players as a group lose at the end of the game is referred to as
A) zero-sum game. B) negative-sum game. C) positive-sum game. D) tit-for-tat game.
The aggregate supply curve (short run):
A. graphs as a horizontal line. B. is steeper above the full-employment output than below it. C. slopes downward and to the right. D. presumes that changes in wages and other resource prices match changes in the price level.