The paradox of American farming is
A) food has become cheaper and more abundant as the number of farms has decreased.
B) the demand for imported luxury food products has risen as the demand for domestic food products has fallen.
C) the demand for food has risen as the number of people who pursue farming as a career has fallen.
D) the amount of food produced has increased as the average farm size has fallen.
A
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Why is it unlikely that tax increases will be the way to eliminate current U.S. federal budget deficits?
A) The revenues generated by increasing taxes on the rich would only pay for a small portion of the federal budget deficit in any recent year. B) Increasing every worker's taxes by the same amount could eliminate the deficit, but it is likely this action would be viewed as too burdensome for workers with modest incomes. C) Since World War II, on average when taxes were increased by a dollar, federal government spending increased by that much and more. D) All of the above.
Believers in a fixed-rule approach to stabilization policy propose that
A. Congress should balance the high employment budget. B. the Fed should keep the money supply growth constant. C. the economy be stabilized by automatic mechanisms. D. All of these responses are correct.
A store remains open from 8 a.m. to 4
A) is the benefit the owner receives from staying open from 8 a.m. to 5 pm. B) depends on the revenues the owner makes during the day. C) must be greater than or equal to the owner's marginal cost if the owner decides to stay open. D) is the benefit the owner receives from staying open from 8 a.m. to 6 pm.
If the Fed sells $1 billion of short-term securities issued by the Bank of Japan and at the same time purchases $1 billion of short-term securities issued by the U.S. Treasury,
A) the monetary base will decline by $1 billion. B) the monetary base will rise by $1 billion. C) the Fed has conducted an unsterilized foreign-exchange intervention. D) the Fed has conducted a sterilized foreign-exchange intervention.