Virtually all Federal Reserve open-market purchases and sales are conducted with government securities, mostly
A) Treasury bills.
B) Treasury notes.
C) Treasury bonds.
D) savings bonds.
A
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Does the experience of World War II demonstrate that government budget deficits and surpluses can be used to stabilize aggregate demand?
A) No, because the deficits run during the 1930s did not end the recession. B) No, because the fact that deficits or surpluses can alter aggregate demand does not prove they can stabilize it. C) Yes, because nominal GDP increased by more than the amount of the deficit in each wartime year. D) Yes, because World War II demonstrated the multiplier effect of deficits.
Long-run equilibrium in the goods and services market requires that decision makers who agreed to long-term contracts must have
a. incorrectly anticipated the level of prices when they made the agreements. b. correctly anticipated the level of prices when they made the agreements. c. correctly anticipated the natural rate of unemployment when they made the agreements. d. correctly anticipated actual GDP when they made the agreements.
Real-world experience shows that when weather conditions reduce crop yields, the price of agricultural products will fall.
Answer the following statement true (T) or false (F)
Because the benefits of basic research are obvious and easy to measure, it is likely that the public sector pays for the right amount and the right kinds of basic research
a. True b. False Indicate whether the statement is true or false