Under the ________, the federal deficit was to be eliminated by 1991.
A. Clinton Deficit Eradication bill
B. Clayton Act
C. McCain-Feingold bill
D. Gramm-Rudman-Hollings Act
Answer: D
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Two drawbacks in using fiscal policy as a stabilization tool are that fiscal policy can affect ________ as well as aggregate demand and that fiscal policy is ________.
A. consumption; offset by automatic stabilizers B. potential output; not flexible enough C. potential output; offset by automatic stabilizers D. consumption; too flexible
What does the existence of labor unions mean for the labor market and for unemployment?
A. Wage rates could rise above equilibrium level. B. Wage rates could fall below equilibrium level. C. Unemployment could reach zero. D. Unemployment could grow to unsustainable levels.
The imposition of an effective minimum wage in a non-competitive industry might result in
A. more workers being hired. B. workers earning a lower wage. C. an increase in labor demand. D. a decrease in labor supply. E. higher firm profits.
A newspaper headline reads: "Fed Raises Discount Rate for Third Time This Year." This headline indicates that the Federal Reserve is most likely trying to:
A. Stimulate the economy B. Increase the money supply C. Reduce the cost of credit D. Reduce inflationary pressures in the economy