According to the Taylor rule, if the central bank announced a zero percent inflation target but the current inflation rate is 2% and output is at the full-employment level, at what level should the central bank set the nominal interest rate?
A. 0.01
B. 0.02
C. 0.03
D. 0.04
E. 0.05
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Short-run monetary policy changes should
A. ignore any fiscal policy changes that the administration has implemented
B. allow for modest adjustments once feedback from previous changes is available
C. never be implemented if uncertainty exists about the exact effects on key variables
D. requires the central bank to stick to its announced policy target no matter what
E. none of the above
A consumption function of the form C = Co + cYD has a positive vertical intercept Co, which indicates that
A. some consumption is unaffected by changes in disposable income
B. the mpc will increase as disposable income increases
C. the apc will always increase as disposable income increases
D. the apc will always be less than the mpc
E. all of the above
The marginal propensity to consume (mpc)
A. shows the fraction of total national income that is used for consumption
B. added to the marginal propensity to save (mps) always equals zero
C. is the relationship between a change in consumer purchases and the change in disposable income that allows consumption to change
D. declines as disposable income declines, eventually becoming zero as disposable income reaches zero
E. decreases as autonomous saving increases
In a Keynesian model of income determination, when intended spending is greater than actual output, the adjustment to a new macro-economic equilibrium is based on changes in
A. autonomous consumption
B. unplanned inventories
C. government spending
D. net exports
E. all of the above
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