During the 1970s, countercyclical fiscal policy
a. to spur increases in real GDP failed
b. worked better than predicted, curbing inflation while decreasing unemployment rates
c. demonstrated that the economy could be fine-tuned using aggressive fiscal policy
d. showed that the Keynesian assumption about the shape of the aggregate supply curve was basically correct
e. failed to lower the unemployment rate and actually increased the inflation rate
E
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When Acme Inc produces a certain amount of output by using the least amount of inputs, Acme Inc definitely
A) maximizes profits. B) minimizes labor costs. C) achieves technological efficiency. D) achieves economic efficiency.
Which of the following is responsible for controlling the money supply in the United States?
a. The U.S. Congress. b. The Board of Governors of the Federal Reserve System. c. The U.S. Treasury. d. The Council of Economic Advisors.