__________ explores the roles of different level of government and the ways in which they relate to each other.
A. Federal system
B. Club model
C. Centralization
D. Fiscal federalism
D. Fiscal federalism
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Suppose chickens and beef cattle are produced by different companies on different sites
If bad weather causes an increase in the price of hay, a food eaten by beef cattle but not by chickens, the equilibrium price of beef will ________, and the equilibrium price of chicken will ________. A) stay the same; increase B) increase; decrease C) decrease; increase D) increase; increase E) decrease; decrease
If the supply curve is ________, the elasticity of supply is ________
A) vertical; infinite B) vertical; 0 C) horizontal; 1 D) horizontal; 0 E) a straight, upward sloping line through the origin; 0
The opportunity cost of holding money balances rather than holding other assets is
A) the nominal interest rate. B) the price level. C) forgone consumption. D) forgone liquidity.