Nominal GDP is another term for
A. current dollar GDP.
B. constant dollar GDP.
C. adjusted dollar GDP.
D. relative value GDP.
Answer: A
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What will be the effect of a tax cut on consumption if consumption offers diminishing returns?
What will be an ideal response?
A sound policy to combat a temporary liquidity shortage in the banking system would be
A) a reduction in the discount rate. B) a decrease in the discount rate. C) the purchase of government securities by the Fed under a repurchase agreement. D) the sale of government securities by the Fed under a repurchase agreement.
Which of the following is counted as part of M2?
a. Currency. b. Checkable deposits. c. Money-market mutual funds. d. All of these.
Given an upward sloping supply curve, the more inelastic is demand, the greater the fraction of the burden of taxation that is borne by consumers
a. True b. False Indicate whether the statement is true or false