In some years government receives less in Social Security taxes than it pays out in Social Security benefits, in which case it makes up the difference by drawing from its trust fund
Indicate whether the statement is true or false
T
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How does an economy's central bank manage the supply of money through official reserve transactions?
What will be an ideal response?
The ownership of radios increased from ___ percent in 1920 to ___ percent in 1930
a. 10; 70 b. 5;10 c. less than one; 40 d. Radio was not popularized beyond hobbyists until the 1930s
Given Keynesian assumptions about the shape of the aggregate supply curve and an economy suffering a recession, which of the following is most likely to occur if the Fed pursues expansionary monetary policy?
A. The equilibrium price level and output will both increase until full employment is reached. B. The equilibrium price level and output will both decrease. C. The equilibrium price level will increase but output will stay the same. D. The equilibrium output will increase but the price level will stay the same until full employment is reached.
When an expansionary gap exists, actual output ________ potential output and the rate of inflation will tend to ________.
A. is less than; increase B. exceeds; increase C. is less than; decrease D. exceeds; decrease