An important problem facing the Fed is that
A) the goals for economic growth and price stability may conflict in the short run.
B) it lost effective control over the monetary base.
C) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with Congress.
D) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with the President.
A
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If the real interest rate is 7 percent when the nominal interest is 12 rate is percent, the inflation rate is
A) -5 percent. B) 5 percent. C) 19 percent. D) 1.7 percent. E) 7 percent.
Refer to Figure 11-1. Diminishing marginal productivity sets in after
A) the 2nd worker is hired. B) the 3rd worker is hired. C) the 4th worker is hired. D) the 5th worker is hired.