If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 100 bicycles is _______ tractor(s).

The argument advanced by Milton Friedman for adopting a monetary growth rule is that

A) active monetary policy potentially destabilizes the economy. B) the Fed can control the money supply, but not the level of interest rates. C) a constant rate of growth in the money supply would eliminate the booms and recessions that make up the business cycle. D) the growth rate of M1 has been unstable.

Inflation was a major problem in the United States during the:

A. 1950s. B. 1970s. C. 1960s. D. 2000s.