Which of the following are components of fiscal policy?
a. Transfer payments only
b. Money supply and government purchases
c. Government purchases only
d. Government purchases, transfer payments, and taxes
e. Taxes and money supply
d
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Assuming a long-run aggregate supply curve, a decrease in taxes results in ________ in output and ________ in price level
A) no change; an increase B) an increase; no change C) a decrease; a decrease D) no change; a decrease
To function as money, something must hold its purchasing power over time. That is, it must be a
A) store of value. B) standard of deferred payment. C) unit of accounting. D) medium of exchange.
Good governance is:
A. important to economic growth, but not to economic development. B. important to both economic growth and development. C. important to economic development, but not to economic growth. D. not important to either economic growth or development.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.