During most of the years of the Great Depression, the actual federal budget was in ________, and the cyclically adjusted budget was in ________
A) surplus; surplus
B) deficit; deficit
C) surplus; deficit
D) deficit; surplus
D
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Which of the following statements is true?
A. The Federal Reserve sets the federal funds rate. B. The Federal Reserve will set a higher target for the federal funds rate if pursuing an expansionary monetary policy. C. The Federal Reserve sets the target for the federal funds rate, and then uses the reserve requirement to push banks toward that target. D. The Federal Reserve does not set the federal funds rate, but it influences it through the use of its open-market operations.
For a borrower, an increase in the real interest rate
A) definitely reduces current consumption and increases future consumption. B) reduces current consumption and has an uncertain effect on future consumption. C) has an uncertain effect on current consumption and increases future consumption. D) has an uncertain effect on both current and future consumption.
The productivity standard says
A) that everyone should have exactly the same income. B) that the age-earnings cycle should determine income. C) that people should be compensated on the basis of what they produce. D) that people should be compensated on the basis of their need.
If the demand curve for a firm's output is P=100-5Q, the marginal revenue curve will be
A. MR=20-5Q. B. MR=100-5Q. C. MR=100-10Q. D. MR=20-Q.