How can the Fed reduce a continuing inflation?
a. By slowing the continuing downward shift of the aggregate supply curve
b. By increasing the money supply
c. By slowing the continuing leftward shift of the aggregate demand curve
d. By decreasing the required reserve ratio
e. By slowing the continuing rightward shift of the aggregate demand curve.
E
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When all resources used in production are not perfectly substitutable,
a. specialization does not lead to greater production b. the economy or firm is producing at a point outside of its production possibilities frontier c. there will be constant opportunity costs d. the production possibilities frontier will be concave (bowed outward) e. the economy or firm will only produce one good in equilibrium
A competitive employer should hire additional labor as long as:
A. the MRP exceeds the wage rate. B. the wage rate is less than MP. C. average product exceeds MP. D. MC exceeds MR.