Which of the following responsibilities did the Constitution not give to the federal government?
a. The right to set laws on patents
b. The sole right to mint coins
c. The right to establish post offices
d. The right to tax.
e. All of the above
e. All of the above
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In an expansion, the cyclical rate of unemployment is often:
A. zero. B. positive. C. negative. D. equal to the natural rate of unemployment.
Assume the Fed decreases the money supply and the demand for money curve is fixed. In response, people will:
a. sell bonds, thus driving up the interest rate. b. buy bonds, thus driving down the interest rate. c. buy bonds, thus driving up the interest rate. d. sell bonds, thus driving down the interest rate.
One problem for economic stability is that in a period of inflation,
A. banks will be tempted to increase lending in order to increase profits. B. banks will be tempted to decrease lending in order to increase profits. C. profit-oriented banks will tend to hold excess reserves and decrease the money supply. D. deposits will decrease and banks will have to reduce lending.
An economist who favors smaller government would recommend:
A. tax cuts during recession and reductions in government spending during inflation. B. tax increases during recession and tax cuts during inflation. C. tax cuts during recession and tax increases during inflation. D. increases in government spending during recession and tax increases during inflation.