In contrast to the typical Republican Party laissez-faire policies, President Richard Nixon in 1971 introduced
A. mandatory drug testing of cabinet officers.
B. monetary targets for the Federal Reserve Board.
C. wage and price controls.
D. mandatory gold purchases by the U.S. Treasury.
Answer: C
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What will be an ideal response?
Keynesians assume that there is a powerful direct link between aggregate demand and
A) velocity. B) real money balances. C) exogenous investment spending. D) interest rates.
With increases in inflation demand for money that does not earn a return decreases. Carrying less cash in our pockets means higher ________
A) shoe-leather costs B) menu costs C) capital gain tax bills D) all of the above E) none of the above
According to the interest rate effect, as the price level:
a. rises, people feel poorer and buy less. b. rises, United States products become more expensive and foreigners buy less U.S. goods. c. rises, interest rates fall, and people buy less. d. rises, interest rates rise, and people buy less. e. falls, interest rates fall, and people buy less.