Which of the following is an example of a produced factor of production?
a. a plant in which automobiles are assembled
b. skills that people accumulate in high school and college
c. skills that people accumulate through experience in the workplace
d. All of the above are correct.
d
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In its original role as lender of last resort, the Fed was supposed to: a. provide mortgage money for the poor
b. keep the money supply from drying up during economic panics. c. lend money to people in localities not served by commercial banks. d. lend money to developing nations whose own central banks had failed.
New Keynesian theorists argue that
A) price and wage adjustments in response to policy changes often overcompensate and cause further price disruptions. B) prices and wages may not be free to adjust in response to policy changes. C) unions and big business have considerable power and often choose not to change wages and prices so as to deliberately offset policy changes enacted by the government. D) the Fed and the Congress rarely do what they say they will do, so one should never listen to what they say. E) new classical rational expectations theories about how expectations are formed are completely wrong.