Which law specifically mandated the federal government's responsibility for economy-wide stability?
A. the Volcker Act of 1960
B. the Glass-Steagall Act of 1933
C. the Employment Act of 1946
D. the Sherman Act of 1890
Answer: C
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____ is the income actually available to the consumers that determines aggregate demand.
A. Nominal income B. Net domestic product C. Income corrected for depreciation D. Disposable income
One thing that is true about economic policy in the U.S. is:
A. fiscal and monetary policy never conflict. B. fiscal policy ultimately controls monetary policy since Congress can control the Fed's budget. C. monetary and fiscal policy need not, but may conflict. D. monetary policy ultimately controls fiscal policy since the Fed controls the money supply.
Marissa walks into a convenience store to buy something to drink. As she stares into the cooler, her opportunity cost of choosing a Gatorade is:
A. distant and abstract. It's the value she places on all the other drinks she could choose instead of Gatorade. B. obvious. It's the value she places on all the other drinks she could choose instead of Gatorade. C. obvious. It's the value she places on whatever drink she would choose if she didn't pick Gatorade. D. distant and abstract. It's the value she places on whatever drink she would choose if she didn't pick Gatorade.