Answer the question on the basis of the following national income data. All figures are in billions of dollars. Personal Taxes 23 Net Private Domestic Investment 33 Net Exports 6 National Income 278 US Exports 20 Gross Private Domestic Investment 56 Disposable Income 220 Taxes on Production and Imports 32 Undistributed Corporate Profits 15 Proprietor's Income 45 Net Foreign Factors Income 0 Statistical Discrepancy 0 Refer to the above data. Personal consumption expenditures:
a) cannot be calculated.
b) are $231.
c) are $225.
d) are $205.
a) cannot be calculated.
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If the amount you owe on your house is less than the price of the house, you have
A) positive equity in your house. B) an adjustable-rate mortgage on your house. C) a reverse mortgage on your house. D) negative equity in your house.
An increase in money supply causes the real interest rate to ________ and output to ________ in the short run, before prices adjust to restore equilibrium
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Which of the following is not one of the functions of the Federal Reserve?
a. Clearing checks. b. Printing currency. c. Supervising and regulating banks. d. Controlling the money supply.
Despite being a college graduate, Ethan cannot name any of his representatives in Congress and he has no idea which issues are being debated and voted on this week in Congress. According to public choice analysis, Ethan is
a. irrational. b. considering only the welfare of society and not his own personal interests. c. not intelligent enough to understand the issues. d. making a rational personal choice because knowing these things gives him little personal benefit.