The monetarists emphasize the
a. importance of fiscal policy for determining GDP.
b. the instability of the money supply.
c. the stability of velocity.
d. need to "fine tune" the level of economic activity.
e. both b and c.
E
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N each increase by 5 percent, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
To mobilize resources in WWII, the United States relied on:
a. borrowing. b. taxes. c. creating money. d. All of the above are correct.
One of the basic trade-offs inherent in designing a tax system is between:
A. surplus and revenues. B. supply and demand. C. efficiency and equity. D. price and quantity.
Albert and Betty hire Christine and David to play music at their wedding. Elizabeth, who lives behind the church, cannot study because of the loud music. The third party is
a. Albert b. Betty c. Christine d. David e. Elizabeth