The official mission of the World Bank is to
A. establish exchange rates between the currencies of member nations.
B. provide funding for needed development projects that would have difficulty attracting private investment.
C. advise member nations on the appropriate levels of taxation.
D. fight global inflation.
Answer: B
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Recessions are periods of declining economic activity.
Answer the following statement true (T) or false (F)
Which of the following is not one of the functions of money?
a. unit of account b. means of deferred payment c. encouraging people to barter d. medium of exchange
When government spending and tax revenue are equal, G = T, the economy
a. must be in equilibrium b. has achieved full employment without inflation c. has a budget deficit d. has a budget surplus e. has a balanced budget
A Keynesian economist would expect a supply-side tax cut to shift
a. only the aggregate supply curve outward. b. only the aggregate demand curve outward. c. both the aggregate demand and aggregate supply curves outward. d. the aggregate supply curve outward and the aggregate demand curve inward.