What three sources of revenue finance the EU budget?
What will be an ideal response?
Tariffs on goods entering EU; EU share of national value added taxes; payments from member countries based on the size of their economies
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According to the quantity theory of money, in the long run
A) an increase in the quantity of money creates an increase the price level but no increase in real GDP. B) the quantity of money in the economy will always be just the right amount. C) an increase in the quantity of money creates an increase in the price level and in real GDP. D) None of the above answers are correct.
Which of the following positions is included on the Federal Open Market Committee?
A) Comptroller of the Currency B) Chairman of the Council of Economic Advisors C) Chairman of the Federal Reserve Board of Governors D) Secretary of the Treasury
Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
a. 100 cars per day. b. 150 cars per day. c. 5 cars per day. d. 50 cars per day.
If you deposit $500 into a savings deposit, the immediate effect (do not consider the money multiplier which we will study in the next chapter) is:
a. M1 rises, M2 rises, and the monetary base remains the same. b. M1, M2, and the monetary base rise. c. M1, M2, and the monetary base fall. d. M1, M2, and the monetary base remain the same. e. M1 falls, M2 remains the same, and the monetary base remains the same.