Which of the following argued that the Great Depression was caused by monetary factors?
A) Friedman and Schwartz
B) Hicks and Hansen
C) Modigliani and Friedman
D) Lucas and Sargent
E) Tobin and Jorgenson
A
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The CPI in 1970 was 38.8 and in 1998 the CPI was 163.0. If the real value of a 1970 gallon of milk in terms of 1998 dollars is $0.70, what was the nominal price of milk in 1970?
What will be an ideal response?
If government tax policy requires Peter to pay $15,000 in tax on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is:
A. optional. B. progressive. C. proportional. D. regressive
Use the above table. What percentage of income is received by the richest 20% of the population?
A. 11.11 percent B. 33.33 percent C. 16.67 percent D. 40.00 percent
Assume an economy is in equilibrium at an output level of $2,000 billion. If government spending decreases by $500 billion, then at the output level of $2,000 billion, there is
A. an unplanned fall in inventories. B. an unplanned inventory change of zero. C. an unplanned rise in inventories. D. either an unplanned increase or decrease in inventories depending on the value of the MPC.