Any output combination along a production possibility frontier is associated with overused or unattainable resources
Indicate whether the statement is true or false
FALSE
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Which of the following is NOT an element of inflation targeting?
A) a public announcement of medium-term numerical targets for inflation B) an institutional commitment to price stability as the primary long-run goal C) an information-inclusive approach in which only monetary aggregates are used in making decisions about monetary policy D) increased accountability of the central bank for attaining its inflation objectives
Individuals maximize utility in allocating their time only when
a. any change in their use of time reduces their total satisfaction b. they consciously and carefully weigh the expected marginal utilities per unit c. they consciously and carefully weigh the actual marginal utilities per unit of time spent in each activity d. the expected average utility of each activity is equal e. people make a concerted effort to measure satisfaction
If the required reserve ratio (RRR) is 10 percent and the Fed sells a $5,000 bond to an individual who pays for it with a check, the money supply will
a. not change b. decrease by $4,500 c. increase by $4,500 d. decrease by $5,000 e. increase by $5,000
The largescale labor migration that occurred during 1870 to 1913 from Europe to America ____ wages in the destination nations and ____ wages in the source nations, thus leading to _____ of wages between the regions.
a. lowered; raised; convergence b. raised; raised; divergence c. lowered; lowered; divergence d. raised; lowered; convergence