In 1979, when the Fed was deciding how aggressively to fight inflation, the typical estimate of the sacrifice ratio was
a. 1.
b. 5.
c. 7.
d. 10.
b
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As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
The provision of funds to the mortgage market through the purchase of mortgage-backed securities and mortgages is performed by ________
A) Fannie Mae and Freddie Mac B) the Federal Housing Administration C) the Federal Reserve System D) subprime borrowers
_____ illustrates the speculative temper of the 1920s
a. The Ponzi scheme b. The New York pyramid scandal c. The Florida Land Boom d. Both a and b are correct. e. Both a and c are correct.
In a market economy, who or what determines who produces each good and how much is produced?
a. the government b. lawyers c. lotteries d. prices