In order to meet the dual mandate, the Fed must:
A. maintain price stability.
B. maintain full employment.
C. keep unemployment levels near the NAIRU.
D. All of these statements are true.
D. All of these statements are true.
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We would expect the cross-price elasticity of demand between dress shirts and ties to be ________, indicating that they are ________
A. positive; secondary goods. B. negative; complements. C. negative; substitutes. D. positive; complements.
A nation's annual growth rate of real GDP per person is 2 percent. Its standard of living will
A) double in 35 years. B) not change because its population is growing. C) fall because of its population growth. D) double in 10 years. E) double in 50 years.
A monopsonistic employer will pay a wage rate
A) less than the labor's MRP. B) greater than the labor's MRP. C) equal to the labor's MRP. D) equal to MFC.
A firm is holding excess labor. This will
A. decrease the productivity of capital. B. reduce labor productivity. C. increase the amount of capital employed. D. increase labor productivity.