Based on the graph showing the effective federal funds rate, once interest rates bottomed out after the 2001 recession, they ______.
a. levelled off for several years
b. began an upward trend that is still ongoing
c. increased consistently for several years
d. went up slightly one year then dropped rapidly
c. increased consistently for several years
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If the real exchange rate for the dollar is below the equilibrium level, the quantity of dollars supplied in the market for foreign-currency exchange is
a. less than the quantity demanded and the dollar will appreciate. b. less than the quantity demanded and the dollar will depreciate. c. greater than the quantity demanded and the dollar will appreciate. d. greater than the quantity demanded and the dollar will depreciate.
Suppose the South had won the Civil War, and trade no longer took place between Northern and Southern states. Explain whether the sum of the North and South GDPs would have been higher or lower than with the current United States.
What will be an ideal response?