Alan Greenspan, who preceded Janet Yellen and Ben Bernanke as Fed chairperson, was a proponent of
A. discretionary intervention.
B. inflation targeting.
C. fiscal policy.
D. a rules-based approach to monetary policy.
Answer: A
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An example of a free good is
a. public education. b. CARE packages provided free to poor people overseas. c. the water bubbling up from the natural spring in your backyard. d. the ride you give a hitchhiker.
The slope of the linear consumption function represents autonomous consumption expenditures
Indicate whether the statement is true or false
The long-run average cost curve shows the lowest possible average cost for each output level, given that all inputs are variable.
Answer the following statement true (T) or false (F)
If the price of good X decreases, what will happen to the budget line?
A. It will have a parallel shift inward. B. It will have a parallel shift outward. C. It will become flatter. D. It will become steeper.