Policy lags are typically much shorter for monetary policy than for fiscal policy

Labor market discrimination refers to

a. differing economic opportunities offered to persons according to their productivity. b. wage differentials based on productivity differences. c. differing economic opportunities based on personal characteristics. d. wage differentials based on seniority and human capital.

A nonpolicy reason for the reduction in the natural rate of unemployment is the

A. expansionary nature of monetary policy. B. aging of the U.S. labor force. C. decline in interest rates. D. growing federal budget surplus.