One of the difficulties in implementing monetary policy is the time it takes:
A. to pass new monetary policy once the Fed has decided action is needed.
B. monetary policy to have an effect in the economy once enacted.
C. to enact monetary policy once the Fed has decided action is needed.
D. to get approval from the Congress to implement the policy.
B. monetary policy to have an effect in the economy once enacted.
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It is essential to establish specific criteria to judge the performance of any economic system. Two such criteria are
A) efficiency and equity. B) profit opportunities and technological progress. C) efficiency and profit opportunities. D) technological progress and achieving general equilibrium.
The average price of gasoline in June of 2008 in the United States was $3.79 . This was up by 82 cents from the previous year. Forecasters are expecting a drop in gasoline consumption of about 1% for the first time in 16 years
Even though this is a historic moment what do the figures still demonstrate about the elasticity of demand for gasoline? If the price increases go unabated what is likely to happen to the long-run price elasticity for gasoline and why?