For a given production possibilities frontier, which points are attainable?
a. points inside the frontier
b. points outside the frontier
c. points on or outside the frontier
d. points on the frontier only
e. points on or inside the frontier
e
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Milton Friedman would eliminate the destabilizing effect of the Federal Reserve's monetary policy by
A) eliminating the Federal Reserve. B) removing the Federal Reserve's political independence. C) requiring that the Federal Reserve choose a monetary aggregate and increase it at a fixed percentage rate each year. D) eliminating the Federal Reserve's right to carry out open-market operations.
Since 1950
A) economic expansions in the United States have been so short that expansions barely exist. B) the average length of expansions in the United States have become shorter as compared to before 1950. C) the average length of expansions in the United States have become longer as compared to before 1950. D) the average length of expansions in the United States are about the same length as compared to before 1950.
Unlike demand-pull inflation, cost-push inflation:
A. is self-limiting. B. drives up the price level. C. increases nominal income. D. increases real income.
Temporary supply shocks change which of the following? a. SRAS
b. LRAS. c. AD. d. Both a. and b.