The Federal Reserve operates under a rule that requires money supply growth to increase by one percentage point for every percentage point that unemployment rises above its natural rate
a. True
b. False
Indicate whether the statement is true or false
False
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Economists assume that the goal of consumers is to
A) make themselves as well off as possible. B) do as little work as possible to survive. C) consume as much as possible. D) spend all their income.
If the inputs to a production process are perfect complements, the firm can choose from a virtually infinite array of combinations of the two inputs to minimize the costs of producing a given level of output
Indicate whether the statement is true or false
Payments that users (consumers) are required to make if they want to receive certain services provided by the government are called
a. tax deductions. b. transfer payments. c. user charges. d. sales taxes.
In the United States, the largest expenditure component in GDP is
A) gross private domestic investment. B) government purchases of goods and services. C) consumption expenditures. D) net exports. E) none of the above