If elected officials prefer policy actions that make benefits available quickly while deferring costs, they will be inclined to favor
A) an easier monetary policy to counter recession.
B) increased appropriations to provide jobs for unemployed workers.
C) a wage and price freeze to control inflation.
D) all of the above.
E) none of the above.
D
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The peak oil hypothesis says that the annual world production of oil
a. will not peak for several hundred years. b. peaked in the past two decades and is now rapidly declining. c. will peak in the coming decades and then decline. d. is now peaking and a major decline is imminent.
Under the Bretton Woods system, when a country adopted an expansionary monetary policy, thereby causing a balance of payments ________, the country would eventually be forced to implement ________ monetary policy
A) deficit; expansionary B) deficit; contractionary C) surplus; expansionary D) surplus; contractionary