Here's a taste of economic history: in the United States, the government's Office of Price Administration (OPA) introduced a rationing system in
a. 1929
b. 1932
c. 1942
d. 1967
e. 1973
C
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Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Based on this data, which years reflect a short-run change in aggregate demand?
A. 1, 3, and 5 B. 2, 3 and 4 C. 1, 2, and 3 D. 3, 4, and 5
Which of the following is an example of a physical constraint?
a. The work you can perform on 1,500 calories a day. b. The wages you can earn against each hour of work. c. The bank balance of an individual at any point of time. d. The contract price at which you agree to sell your house.
Considering a plot of the inflation rate and the unemployment rate, one might conjecture that the short run Phillips curve was further to the right in the first part of the 2000's than it was in the last part of the 1990s and 2000
a. If so, this might have been the result of a negative supply shock or an increase in expected inflation. b. If so, this might been the result of a negative supply shock, or a decrease in expected inflation. c. If so, this might have been the result of a positive supply shock, or an increase in expected inflation. d. If so, this might have been the result of a positive supply shock, or a decrease in expected inflation.
If the Fed decreases the reserve requirement, it will likely:
A. decrease the amount of excess reserves which will eventually decrease the money supply. B. increase the amount of excess reserves which will eventually increase the money supply. C. increase the amount of excess reserves which will eventually decrease the money supply. D. decrease the amount of excess reserves, which will eventually increase the money supply.