The pursuit of low unemployment rates must necessarily result in time-inconsistent government policies
a. True
b. False
Indicate whether the statement is true or false
True
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The three functions of money are
A) store of value, medium of exchange, payment specie. B) store of value, unit of account, bank settlement. C) store of value, unit of account, to regulate the economy. D) store of value, unit of account, medium of exchange.
Total producer surplus is measured by the total area under the equilibrium price and below the supply curve
a. True b. False Indicate whether the statement is true or false
The Phillips curve describes a negative relationship between unemployment and inflation
a. True b. False Indicate whether the statement is true or false
If the bank of Waterloo receives a $10,000 deposit and the reserve requirement is 10 percent, how much can the bank loan out? (Assume that before the deposit this bank is just meeting its legal reserve requirement.)
A) $1,000 B) $9,000 C) $10,000 D) $11,000