Both monetary and fiscal policy are used to:
A. Balance the budget.
B. Achieve economic targets.
C. Redistribute income and wealth.
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In short-run equilibrium, if aggregate demand is increasing faster than long-run aggregate supply:
A. The price level is likely to increase.
B. Downward pressure on wages should ensue.
C. Supply will increase to meet the additional demand.
The IS curve illustrates which of the following relationships?
A. Direct relationship between aggregate income and the price level.
B. Inverse relationship between aggregate income and the price level.
C. Inverse relationship between aggregate income and the real interest rate.
Core inflation is best described as an inflation rate:
A. For producers raw materials.
B. The central bank views as acceptable.
C. That excludes certain volatile goods prices.
The Fisher effect states that the nominal interest rate is equal to the real rate plus:
Actual inflation.
B. Average inflation.
C. Expected inflation.