In the Full Employment and Balanced Growth Act of 1978,
A. An unemployment goal of 4 percent was set, but no inflation goal could be set.
B. The president set an inflation goal of 0 percent.
C. Alan Greenspan set an inflation goal of 0 percent.
D. Congress set an inflation goal of no more than 3 percent.
Answer: D
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In the short-run, real GDP can be greater than or less than potential GDP because in the short run the money wage rate is fixed
Indicate whether the statement is true or false
Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 24 ascots and 12 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.