Saving is
A) the amount one does not consume in a given period of time while savings is the accumulation of past periods of saving.
B) the accumulation of past periods of savings while savings is the amount of disposable income that is not consumed in a given period of time.
C) the difference between real GDP and disposable income while savings is the difference between disposable income and consumption spending.
D) the difference between disposable income and spending on goods and services while savings is the difference between real GDP and disposable income.
A
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When total output, income, employment, and trade decline for 6 to 12 months, the economy is in what part of the business cycle?
What will be an ideal response?
Tariffs and import quotas differ in that
A) one is a form of trade restriction, while the other is not. B) one is a tax, while the other is a limit. C) one is imposed by the government, while the other is imposed by the private sector. D) one is legal, while the other is not.
What are the two different types of relationships that variables can have? Explain each. What do these relationships look like when they are graphed?
What will be an ideal response?
The proponents of ________ and ________ think that the Federal Reserve should adopt a constant monetary growth rule
A) new Keynesianism; the new classical model B) the real business cycle model; Marxism C) the monetarist model; the Keynesian model D) rational expectations; monetarism