ECO 320 ECO320 Quiz 8 (Strayer)

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ECO 320 Quiz 8

  1. The Fed uses ____ monetary policy to cause the economy to grow slower in the short run; ____ in the money supply is an example of such a policy. 
  2. The idea that policymakers may not immediately get up-to-date statistics on economic 
  3. The sum over time of the squared output gap plus a weight times the squared inflation gap represents the variables is known as the ____ lag. 
  4. Another name for the Fed’s objective function is the Fed’s ________ function. 
  5. The unemployment rate when the economy is producing output equal to its potential is 
  6. The idea that policymakers may not immediately understand the state of the economy is known as the ____ lag. 
  7. The time it takes from when a policy is enacted to when it affects the economy is known as the ____ lag. 
  8. Another name for the ideal inflation rate is the 
  9. Which of the following is not a cost of anticipated inflation but arises only if inflation is unanticipated? 
  10. The time it takes from when a policy is decided upon to when it is put in place is known as the ____ lag. 
  11. An inflation rate that policymakers would like to achieve because it minimizes the costs to society of changing prices is called the ________ inflation rate. 
  12. Data on potential output come from 
  13. An increase in the money supply is an example of ____ policy. 
  14. The Fed uses ____ monetary policy to cause the economy to grow faster in the short run; ____ in the money supply is an example of such a policy. 
  15. The total cost to the economy when output differs from potential and when the inflation rate differs from the ideal inflation rate is the