If the Fed followed through on plans to be more open to and more quickly provide the public with information about monetary policy, then we would expect to see
a. the impact of the money supply on output would get stronger.
b. the Fed would not have any power over output in the future.
c. the impact of the money supply on output would get weaker.
d. information does not affect output.
C
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USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased. B. average product of labor increased. C. average product of capital fell. D. marginal product of capital fell.
Use the above figure. The total revenue earned by this monopolistically competitive firm is
A) $2,560. B) $1,600. C) $480. D) $1,900.
Longitudinal data on income inequality in the United States indicates that: a. children of poor families stay poor, but children of rich families do not always stay rich
b. children of poor families often escape poverty, but rich families invariably retain their wealth over time. c. there is substantial movement among income groupings in the United States. d. the rich are getting richer and the poor are getting poorer.
Who is affected by externalities? Those receiving external benefits differ from those incurring external costs in that external benefits are associated with
a. government intervention b. market failure c. unclear property rights d. third parties e. free riders