The _________ hypothesis is based on the assumption that the best indicator of the future is what has happened in the past.
Fill in the blank(s) with the appropriate word(s).
adaptive expectations
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Which of the following institutions is not subject to Federal Reserve's reserve requirements?
A) A state-chartered commercial bank B) A savings and loan association C) A money market mutual fund D) A credit union
Economists disagree on most economic issues facing an economy
a. True b. False Indicate whether the statement is true or false
A business with market power may
A. create new markets due to competitive forces. B. sometimes use high profits to research new technologies. C. be less innovative than businesses in perfect competition. D. force employees to work harder and longer.