Which of the following are goals of monetary policy?
A) maximizing the value of the dollar relative to other currencies, economic growth, and high employment
B) price stability, maximizing the value of the dollar relative to other currencies, and high employment
C) price stability, economic growth, and high employment
D) price stability, economic growth, and maximizing the value of the dollar relative to other currencies
Answer: C
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If a 1 percent change in income generates a greater than 1 percent change in quantity demanded for boat rentals, then the demand for boat rentals
a. is a good illustration of Engel's law b. reflects the demand for an inferior good c. has a price elasticity greater than one d. is income elastic e. is income inelastic
Which famous economist developed the principle of comparative advantage as we know it today?
a. Adam Smith b. David Ricardo c. John Maynard Keynes d. Milton Friedman