Capitalism gets its name from the fact that capital resources are mostly:
A. Owned by the state or government
B. Given the highest priority in the economy's income distribution
C. Treated as private property
D. In the form of money and financial resources
Answer: C
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During the American Revolution, Washington’s army nearly starved to death after price controls were enacted to “help” buy food for the army at affordable prices. The Continental Congress later passed a law that
A. exhorted the public to obey the law and help supply food to the army. B. passed tax increases to punish those who refused to sell the food. C. revised the American Law of Supply and Demand. D. overrode local ordinances and essentially repealed the price controls. E. called for the repeal of other price control measures.
Which of the following policy tools is directly controlled by the Trading Desk at the Federal Reserve Bank of New York?
A) the spread between the discount rate and the federal funds rate B) the spread between the federal funds rate and the interest rate on banks' required reserves C) open market sales and purchases D) the required reserve ratio
In the ISLM framework, a declining price level causes
A) interest rates to rise. B) income to fall. C) saving to rise. D) the LM curve to shift to the right.
Refer to the table shown. In trillions of dollarsConsumption3.5Investment1.2Government Purchases1.8Exports0.6Imports0.4What are the economy's net exports?
A. ?$0.4 trillion B. $1.0 trillion C. $0.2 trillion D. ?$0.2 trillion