Products such as office supplies are examples of
A) experience goods.
B) simple goods.
C) search goods.
D) selective goods.
Answer: C
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Suppose the inflation rate target is "0" and the long run federal funds target is also "0." If the federal funds rate set using the Taylor rule is 2% and output is above trend output by 1%, the inflation rate is ________
A) 3% B) 2.5% C) 1% D) -0.5%
The majority of the members of the U.S. Congress want to retain the so-called Fairness Doctrine as a control over television and radio broadcasters because
A) competition by itself cannot produce fairness. B) government oversight is required to assure equal time for conflicting points of view. C) television and radio are local monopolies to a large extent. D) the air waves belong to the public. E) the doctrine gives more power and influence to members of Congress.