With lags in monetary policy, an effective expansionary policy must be initiated many months ________ the start of the economic downturn it is intended to moderate, and this requires ________ economic forecasts
A) before, generating accurate
B) before, ignoring
C) after, generating accurate
D) after, ignoring
A
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In periods when GDP fails to grow at its normal rate, the actual unemployment rate will be ________ than the natural rate of unemployment
A) higher B) falling faster C) lower D) the same
Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 19 million tons of steel B) 5 million tons of paper C) 9 million tons of paper D) 3 million tons of steel
Which of the following statements about production isoquants is correct?
A) They show all the combinations of two inputs that result in the same level of output. B) They are usually concave to the origin. C) They show all the combinations of two inputs that yield the same cost of production. D) They represent lower levels of output the farther they are from the origin.
You are a restaurant owner buying vegetables from a local farmer. You recently found out that another one of the farmer's clients, a competing restaurant has shut down, what would that do to your bargaining power?
a. Increase your bargaining power b. Decrease your bargaining power c. Not affect your bargaining power d. None of the above