The American Revolution, the Civil War (1861–65) and World War I (1914–18)
(a) diverted U.S. resources from peace-time, private uses and toward war-related uses.
(b) encouraged the efficient allocation of resources.
(c) increased long-term investment opportunities.
(d) resulted in the excessive contraction of money to finance war efforts.
(a)
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During a recession, output declines result in
A) lower unemployment in the economy. B) higher unemployment in the economy. C) no impact on the unemployment in the economy. D) higher wages for the workers.
Exchange-rate targeting allows a central bank to ________, thus this will ________ the probability of policy developing a time-inconsistency problem
A) be governed by a policy rule; decrease B) follow discretionary policy; decrease C) be governed by a policy rule; increase D) follow discretionary policy; increase