When did the Fed fail to engage in a pre-emptive strike to keep the economy at or near the natural rate of unemployment?
A) 1994
B) 1998
C) 2001
D) None of the above. The Fed acted in each of these years.
B
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One purpose of discretionary fiscal policy is to
A. increase government spending during a recession. B. reduce inflation during an expansion. C. reduce inflation during a recession. D. increase taxes during an expansion.
A combination of declining real GDP and rising price level is referred to as
A) a trough. B) deflation. C) stagflation. D) a depression. E) an expansion.
Economic profit is the difference between a firm's revenue and its opportunity costs
Indicate whether the statement is true or false
Money is:
A. fungible, meaning it is easily exchangeable or substitutable. B. not fungible, meaning it can be easily exchanged or substituted. C. an alternative to implicit costs. D. a proven cognitive bias.