Monetary policy that is focused on slowing down the economy is known as __________ monetary policy.
a. loose
b. free
c. expansionary
d. contractionary
d. contractionary
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Economists have shown that the burden of a tax is
A) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. B) the same whether the tax is collected from the buyer or the seller. C) greater on the buyer when the tax is collected from the buyer. D) greater on the seller when the tax is collected from the seller.
Describe the conditions under which a common resource is used efficiently
What will be an ideal response?
An externality is defined as
a. an opportunity cost that is not considered, which causes inefficiency. b. a social cost that affects parties external to a transaction. c. a transaction which imposes a loss on one of the parties involved. d. a "cost of doing business" that cannot be allocated to any particular good. e. the increase in cost associated with increased production.
An inflationary GDP gap is equal to the
A. Difference between equilibrium GDP and full-employment GDP. B. Difference between potential GDP and full-employment GDP. C. Increase in the price level caused by the inflation. D. Recessionary GDP gap.