Over recent years, economists holding monetarist views have replaced their call for a monetary rule with a call for:
A. artful Fed management of interest rates.
B. inflation targeting.
C. nominal GDP targeting.
D. inflationary and recessionary gap analysis.
B. inflation targeting.
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Exhibit 30-5
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The benefit that Joan gets from eating cherries is an example of
A) when the external benefit equals the private benefit. B) a private benefit. C) an external benefit. D) an external cost. E) the marginal social cost of eating cherries.
The value of the marginal product of labor is equal to the change in
a. marginal cost caused by the addition of the last worker. b. total cost caused by the addition of the last worker. c. total revenue caused by the addition of the last worker. d. total profit caused by the addition of the last worker.
Which of the following does not describe a perfectly discriminating monopsonist?
A. The firm's marginal cost of labor equals the labor supply curve faced by the firm. B. The firm hires workers to the point where the labor supply curve intersects the firm's labor demand curve. C. The firm uses fewer hours of labor than it would if it were in a competitive market. D. The firm hires different workers at different wages. E. The wage-labor outcome is efficient.