"Demand" is a series of quantities demanded, one for each person in the market
a. True
b. False
Indicate whether the statement is true or false
False
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Consider the Taylor rule for the target of the federal funds rate
Suppose the equilibrium real federal funds rate is 2 percent, the target rate of inflation is 3 percent, the current inflation rate is 3 percent, real GDP equals potential real GDP, and the weights are 1/2 for the inflation gap and the output gap. Using the Taylor rule, what does the target for the federal funds rate equal? Next, if the Federal Reserve lowered the target for the inflation rate to 1 percent, how much would the target for the federal funds rate change?
Refer to Figure 12.4. Since the housing bubble burst and the economy returned to its initial, pre-bubble level before the corrective policy changed output, the impact of the change in policy is best represented as a movement from
A) point A to point B. B) point C to point D. C) point B to point D. D) point C to point B.
Which of the following is the best example of a vertically integrated firm?
a. General Electric, which produces light bulbs, jet engines, washing machines, and so on b. Kinko's, which has a photocopy store near many colleges and universities c. USX Corporation, which owns ore and coal mines, coke ovens, blast furnaces, mills, and foundries d. Intel, which makes computer chips for most of the computer manufacturers e. Century 21, which has real estate offices that help people sell a house in one city and buy another house in another city
A binding minimum wage raises the incomes of some workers, but it lowers the incomes of workers who cannot find jobs
a. True b. False Indicate whether the statement is true or false