The quantity of output supplied at ________ is represented by the aggregate supply curve.
A. a constant money supply
B. varying interest rates
C. different price levels
D. various levels of GDP
Answer: C
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If the nominal interest rate is held constant, a higher inflation rate tends to
A) reduce the real interest rate. B) increase the real interest rate. C) leave the real interest rate unchanged. D) have no effect on the savings decisions of households.
A ________ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid
A) coupon bond; discount B) discount bond; discount C) coupon bond; face D) discount bond; face
Checks are
A) not acceptable for settling transactions in most industrialized countries. B) less important than currency as a means of settling transactions. C) promises to pay on demand money deposited with a financial institution. D) promises to pay coins minted from precious metals on demand.