The Fed's use of the federal funds rate as an operating target in the 1970s resulted in
A) countercyclical monetary policy.
B) too slow growth in M1 throughout the decade.
C) procyclical monetary policy.
D) too rapid growth in M1 throughout the decade.
C
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If macaroni and cheese is an inferior good, then a decrease in income will result in
A) an increase in the demand for macaroni and cheese. B) a decrease in the demand for macaroni and cheese. C) an increase in the supply of macaroni and cheese. D) a decrease in the supply of macaroni and cheese.
The 1920s is sometimes described as the decade representing the emergence of "mass society." This refers to developments in all of the following except
(a) Production methods and communication systems (b) Consumption patterns and installment credit (c) Attitudes and culture (d) There is no "except"; all of the above are part of the emergence of "mass society"