The Council of Economic Advisers gives economic advice to the:
A. Federal Reserve System.
B. president.
C. U.S. Senate.
D. U.S. House of Representatives.
Answer: B
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Use the intertemporal budget constraint — equation (2 ) — to explain how an increase in the real interest rate causes two distinct effects, an income effect and a substitution effect,
and how those effects differ depending on whether the consumer is a saver or a borrower.
If net taxes are decreased by $500 billion, and the marginal propensity to consume is 0.80, then which of the following correctly describes the increase in real GDP that will be generated by the decrease in net taxes?
a. $2 trillion b. $1 trillion c. $500 billion d. $400 billion
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country D B. Country A C. Country B D. Country C
If the price level in the current year is much lower than the expected price level in an economy, _____
Fill in the blank(s) with the appropriate word(s).