The Full Employment and Balanced Growth Act of 1978 established a goal for inflation of ____. Since the mid-1990s, the Federal Reserve System has used ____ as its inflation goal.

Visualize a basic supply-and-demand graph representing the market for bananas. Or heck, draw a graph on that piece of scratch paper! Suppose the market supply of bananas increases. The equilibrium price of a banana will ______ because:

Market for new cars: Suppose the President and Congress decide to reduce federal income tax rates. This event will cause:

Market for hot dogs: Suppose there is an increase in the price of hamburger patties, another popular type of cook-out food. This event will cause:

Assume the CPI increases from 150 to 180 and a person’s nominal income increases from $50,000 to $60,000 over the same period. This person’s real income has:

Suppose the cost of producing goods and services increases, and many business owners across the country raise the price of their output in response. This is likely to cause:

Which of the following is NOT a Core Question that all economic systems must answer?

In a free market economic system, the Three Core Economic Questions are answered by:

  The percentage change in average prices between hypothetical years 1980 and 1990 was approximately:

Suppose that the US economy is currently producing maximum output. However, through the processes of borrowing and dis-saving, consumers across the country are willing and able to buy even more goods and services. This is likely to cause: