Which piece of legislation committed the government to pursuing unemployment policies that are consistent with maintaining price stability?
a. The Effective Pricing Act of 1971
b. The Employment Initiative Act of 1998
c. The Employment Act of 1946
d. The Stable Growth Act of 1960
c
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The above table shows some (but not all) national income accounting data for a hypothetical country. According to these data, the value of GDP is ________ billion
A) $2100 B) $1850 C) $2000 D) $2050
Forward-looking households may reduce consumption expenditures today if they believe that the government is currently
A) borrowing to run a budget deficit, and to pay back these loans in the future may require higher taxes. B) running a budget surplus, and the increase in the government's supply of money will generate inflation in the future. C) experiencing a balanced budget, and will therefore not be implementing any fiscal policy to stabilize the economy. D) cutting federal spending to decrease the budget deficit, which will raise the real interest rate, the inflation rate , and the unemployment rate.
The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
Wartime inflation occurs when war requires a country to shift resources away from efficient uses into war-related production
Indicate whether the statement is true or false