GDP is not a complete measure of well-being
Indicate whether the statement is true or false
TRUE
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Suppose that, for every 1 percentage point decline of the discount rate, commercial banks collectively borrow an additional $2 billion from Federal Reserve Banks. Also assume that the reserve requirement is 20%. If the Fed increases the discount rate from 4.0% to 4.25%, bank reserves will ________.
A. increase by $0.75 billion and the money supply will increase by $3.75 billion B. increase by $1 billion and the money supply will increase by $5 billion C. decline by $0.5 billion and the money supply will decline by $2.5 billion D. increase by $0.5 billion and the money supply will increase by $2.5 billion
Many people believe that the incentive arguments for redistribution are irrelevant, and that the wealthy simply have a __________.
a. lot more money than they can ever use b. moral obligation to provide for the less fortunate c. birth right that made them wealthy through no efforts of their own
The federal government spends the largest amount of its budget on Social Security, which is an example of
a. federal aid to state and local government b. discretionary spending ' c. mandatory spending d. defense spending
Which statement about public assistance is false?
A. It is aimed solely at the poor. B. It has failed completely. C. It has not ended poverty. D. It has fostered a permanent underclass.