Between 2006 and 2013, prices for food commodities
A. remained largely constant even in nominal terms.
B. rose far slower than inflation.
C. rose far faster than inflation.
D. rose at about the overall rate of inflation.
Answer: C
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Which of the following is not an argument made by those who oppose reforming the tax laws to encourage saving?
a. A public budget surplus can raise national saving. b. The substitution effect of a higher return to saving may be about equal to the income effect of a higher return to saving. c. Low-income households save a larger fraction of their income than high-income households. d. Tax cuts might cause a budget deficit.
The most used tool of the Fed is:
A. open market operations. B. These are all used with equal frequency. C. the reserve requirement. D. the discount window.
A decrease in the quantity of labor supplied in response to a higher wage would be due to the:
A. price effect. B. tax effect. C. substitution effect. D. income effect.
Answer the following questions true (T) or false (F)
1. The Federal Reserve System is comprised of the Board of Governors in Washington, D.C. and ten district banks located throughout the country. 2. The current Chair of the Board of governors is Paul Volker. 3. Business cycles reflect periods of recession and contraction.