Business cycles ________, and recessions ________
A) are of equal length; are of equal severity
B) are of equal length; differ in severity
C) vary in length; are of equal severity
D) vary in length; differ in severity
D
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If real GDP decreases, the
A) supply of money decreases. B) demand for money increases. C) supply of money increases. D) demand for money decreases. E) quantity of money demanded increases.
In the current debate over fiscal policy, advocates of returning to significant budget surpluses
A) contended that the economic miracle of the late 1990s caused the budget surpluses. B) think that tax cuts will benefit the wealthy. C) believe that tax cuts will continue the dependence of the United States on borrowing from foreigners. D) All of the above.
If oil prices fall at the same time that the federal government increases its purchases, in the short run
A) aggregate output and the price level will both increase. B) aggregate output will increase, but the price level will fall. C) aggregate output and the price level will both fall. D) aggregate output will increase, but the price level may either increase or decrease.
What is not true of The Federal Reserve Act (1913)?
a. Membership in the system was made compulsory for national banks. b. State banks were not permitted to join the system. c. The member banks nominally owned the Federal Reserve Banks. d. Member banks had to deposit cash, previously held as reserves, with the district Federal Reserve Bank.