Which of the following is not an accurate statement about money market accounts?
(A) They pay a higher rate of interest than savings accounts.
(B) They can be used for writing checks.
(C) They offer a fixed interest rate.
(D) They can be used for saving.
Ans: (C) They offer a fixed interest rate.
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Keynes and his followers believed that
A) the economy could not operate at any level of real Gross Domestic Product (GDP) less than full capacity. B) capitalism was one economic system that guaranteed full employment. C) wages and prices in the short run were flexible. D) there was no guarantee that a capitalist economy would reach a full employment equilibrium.
Fluctuations in investment: a. account for almost all of the variability in gross domestic product (GDP) only during expansions. b. account for little of the variability in gross domestic product (GDP)
c. account for almost all of the variability in gross domestic product (GDP) only during recessions. d. are larger during expansions than during recessions. e. account for more of the variability in gross domestic product (GDP) than consumption.
Refer to Figure 12-4. Potential GDP equals $500 billion. The economy is currently producing GDP 1 which is equal to $450 billion. If the MPC is 0.8, then how much must autonomous spending change for the economy to move to potential GDP?
A) -$40 billion
B) -$10 billion
C) $10 billion
D) $40 billion
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$800$825$4,00028508504,20039008754,35049509004,50051,0009254,600Refer to the above data. The budget deficit was $75 billion in:
A. year 5. B. year 2. C. year 3. D. year 4.