In recent years, calls for monetary rules by the Federal Reserve have been replaced with calls for:
A. A reduction in coordination failures
B. Using an equation of exchange
C. Price-level surprises
D. Inflation targeting
D. Inflation targeting
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Refer to Figure 11-2. Based on the per-worker production function above, if the economy raises capital per hour worked from $35,000 to $40,000, by how much will real GDP per hour worked increase?
A) $150 B) $1,850 C) $2,000 D) $5,000
What is a good argument for using the model of the consumer despite the fact that it requires making many simplifying assumptions?
A) It is complex to solve. B) The assumptions are sometimes realistic. C) It explains observed patterns of behavior. D) It is used in many scholarly fields.
When manufacturers and distributors establish credible commitments to one another, they often employ
a. vertical requirements contracts b. third-party monitoring c. credible threat mechanisms d. non-price tactics
In 2015, exports represented:
A. about 13 percent of U.S. GDP. B. about 1 percent of U.S. GDP. C. about 30 percent of U.S. GDP. D. nearly 20 percent of U.S. GDP.