Which of the following are the elements generally found in an inflation gap?
a. producing beyond normal capacity; high unemployment, high wages; low prices
b. producing beyond normal capacity; low unemployment, high wages; high prices
c. producing below normal capacity; high unemployment, high wages; high prices
d. producing below normal capacity; low unemployment, low wages; high prices
b. producing beyond normal capacity; low unemployment, high wages; high prices
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Briefly describe the Federal Reserve System, how it is governed, and its roles in the economy
What will be an ideal response?
Which of the following will result in a decrease in demand for residential housing in the short run?
A) a decrease in the price of lumber B) an increase in the wages of carpenters C) a decrease in real household incomes D) a decrease in the prices of residential housing