The 1980s were characterized by ________ monetary policy and ________ fiscal policy.
A. tight; easy
B. easy; easy
C. tight; tight
D. easy; tight
Answer: A
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The perfectly competitive model makes a lot of fairly unrealistic assumptions. Why do economics text books still talk a lot about this model?
A) Many markets are close to being perfectly competitive. B) It is an important model to use as a benchmark to compare other markets structures to. C) Perfectly competitive markets maximize societal welfare. D) All of the above.
Which of the following areas of the world experienced virtually no change in its poverty rate from 1981 to 2010?
A. China B. South Asia C. India D. sub-Saharan Africa
Which of the following countries have instituted liberal reforms and substantially improved their economic freedom rating since 1990?
a. Japan and Italy b. Nigeria and Pakistan c. Sierra Leone and Zimbabwe d. Estonia and Hungary
Which of the following statements is correct regarding a tax on a good and the resulting deadweight loss?
a. The greater are the price elasticities of supply and demand, the greater is the deadweight loss. b. The greater is the price elasticity of supply and the smaller is the price elasticity of demand, the greater is the deadweight loss. c. The smaller are the decreases in quantity demanded and quantity supplied, the greater the deadweight loss. d. The smaller is the wedge between the effective price to sellers and the effective price to buyers, the greater is the deadweight loss.