In 2012, what percentage of total income in the U.S. was earned by the poorest fifth of all U.S. households?
a. 1.5%
b. 1.8%
c. 2.0%
d. 3.2%
d
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Which of the following is money?
A. A debit card B. A credit card C. Traveler's checks D. A check
"The United States should adopt more open trade policies because they historically have caused increased economic growth." This is an example of what kind of statement?
A. Normative B. Positive C. Unequivocally false D. Unequivocally true
When the Fed acts as a "lender of last resort," like it did in the financial crisis of 2007-2008, it is performing its role of
A. providing for check clearing and collection. B. being the bankers' bank. C. controlling the money supply. D. setting the reserve requirements.
Refer to Figure 26-11. In the dynamic model of AD-AS in the figure above, the economy is at point A in year 1 and is expected to go to point B in year 2, and the Federal Reserve pursues policy. This will result in
A) real GDP lower than what would occur if no policy had been pursued. B) short-term interest rates higher than what would occur if no policy had been pursued. C) unemployment rates higher than what would occur if no policy had been pursued. D) inflation higher than what would occur if no policy had been pursued.