Before specialization:
a. families were largely self-sufficient
b. families produced much more than they could each consume.
c. there was a great need for exchange between families.
d. families consumed much more than they could each produce.
e. families exchanged only goods, not services.
a
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Suppose the equilibrium real federal funds rate is 2 percent, the target rate of inflation is 2 percent, the current inflation rate is 4 percent, and real GDP is 2 percent above potential real GDP
If the weights for the inflation gap and the output gap are both 1/2, then according to the Taylor rule the federal funds target rate equals A) 4 percent. B) 6 percent. C) 8 percent. D) 10 percent.
One of describing the debate between activists and non-activists is that
A) activists are pessimistic about the self-correcting powers of the economy but non-activists are optimistic. B) activists tend to be oriented to the long-run but non-activists are short-run oriented. C) non-activists are optimistic about the efficacy of stabilization policy but activists are pessimistic. D) A and B are both correct.