Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) state and local levels; federal level
B) local level; federal level
C) federal level; state and local levels
D) federal level; state level
Answer: A
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Assume the economy is initially in equilibrium where potential GDP is greater than real GDP
If the expected inflation rate, the term structure effect, and the default-risk premium are constant, a decrease in the Fed's target short-term nominal interest rate will ________ the MP curve and the output gap will become ________. A) shift up; smaller B) shift up; larger C) shift down; smaller D) shift down; larger
Why does the president of the Federal Reserve Bank of New York hold a permanent seat on the FOMC?
A) The New York Fed is responsible for executing open market operations. B) A substantial amount of financial activity takes place in New York City. C) The Fed Board of Governors holds its regularly scheduled meetings in New York City. D) The Federal Reserve Bank of New York is the original Fed district; the other eleven districts were formed later by the Banking Act of 1935 E) a and b
According to the table shown, what is the firm's marginal cost from producing the 2nd unit?
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. $10.00
B. $7.50
C. $27.50
D. $20.00
The recession of 1982 was largely caused
a. on purpose by the Federal Reserve's decision to raise interest rates to combat inflation. b. on purpose by the Federal Reserve's decision to cut interest rates to combat inflation. c. by accident as a result of the Reagan era tax cuts. d. by dramatically rising oil prices. e. on purpose by the Reagan Administration's decision to raise interest rates to combat inflation.