When the economy was at full employment in the late 1990s, the price level was continually rising. This meant
a. the Fed was pursuing a passive monetary policy.
b. the Fed was pursuing an active monetary policy.
c. hawk and dove policies canceled each other out.
d. the economy's self-correcting mechanism was not operating.
e. none of the above.
D
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John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517If we plot John's opportunity cost per window on the vertical axis and the number of windows cleaned each day on the horizontal axis, we will have John's ________ curve for window-cleaning services.
A. supply B. benefit C. production possibilities D. demand
An incentive is a concept that addresses which question used by economists?
A. What are the wants and constraints of those involved? B. What are the trade-offs? C. How will others respond? D. Why isn't everyone already doing it?
What do all expansions and recessions since 1950 have in common?
a. Changes in oil prices. b. Changes in interest rates. c. Changes in spending. d. Changes in productivity. e. None of the above.
A decrease in supply (prod quota)
What will be an ideal response?