When goods are available free of charge, the market forces that normally allocate resources in our economy are absent
a. True
b. False
Indicate whether the statement is true or false
True
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The period of time between when monetary policy is enacted and when it actually begins to affect the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
Yield management is the practice of
A) forecasting competitors' responses to price changes. B) using information technology to find the best interest rate. C) determining production functions to minimize production costs. D) using buyer data to rapidly adjust prices.
A model that is composed of many equations that show the channels through which monetary and fiscal policy affect aggregate output and spending is called a
A) reduced-form model. B) median-voter model. C) informed median-voter model. D) structural model.
Darby (1984) argues that the problem with declining productivity of the 1970s was not an issue. He adjusted labor productivity upward to take into account which of the following?
(a) The immigration policies of the 1970s restricted the free migration of highly qualified workers. (b) More men than women re-entered the workforce. (c) The overall labor force was relatively young and comprised of individuals still maturing in their knowledge base and skill sets. (d) The labor force of the 1970s was older, more senior and had gained more experience than in the past.