Under the gold standard, an outflow of gold from the United States
A. would increase the U.S. money supply.
B. would create a trade deficit.
C. would create a trade surplus.
D. would decrease the U.S. money supply.
D. would decrease the U.S. money supply.
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In 2009, Congress passed tax laws to reduce income tax rates for some taxpayers. This action is called
A) a discretionary fiscal policy. B) a discretionary revenue policy. C) an automatic fiscal policy. D) an annual tax policy. E) induced tax policy.
If planned aggregate expenditure is greater than total production
A) actual inventories will equal planned inventories. B) the economy is in equilibrium. C) firms will experience an unplanned increase in inventories. D) GDP will increase.
Which statement is true?
A. M1 is money, but not M2. B. M2 is money, but not M1. C. Both M1 and M2 are money. D. Neither M1 nor M2 is money.
If, at a low cost, you cannot prevent a person from benefiting from the consumption of a good you produced, the good is
A. excludable. B. nonexcludable. C. nonrival in consumption. D. rival in consumption.