The monetary-policy framework called inflation targeting is used explicitly by
a. no major country.
b. most major countries except the United States and Japan.
c. the United States, but it is not used by other major countries.
d. most major countries, including the United States and Japan.
b
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Suppose the economy's production function is Y = A(300N – N2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G
(a) If G is 26,000, what are the real wage, employment, and output? (b) If G rises to 26,400, what are the real wage, employment, and output? (c) If G falls to 25,600, what are the real wage, employment, and output? (d) In cases (b) and (c), what is the government purchases multiplier; that is, what is the change in output divided by the change in government purchases?
If there is an excess supply of sport utility vehicles, then:
A. quantity supplied is greater than quantity demanded. B. demand is greater than supply. C. quantity demanded is greater than quantity supplied. D. supply is greater than demand.
Refer to the graphs above. For which graph is the supply perfectly inelastic?
A. Graph A B. Graph B C. Graph C D. Graph D
If Okun's Law holds true, then a 3% increase in GDP would lead to a ________ percentage point decrease in the unemployment rate.
A. 9 B. 6 C. 3 D. 1