The tax reforms of the 1980s
a. increased the percent of personal income taxed
b. shifted most the tax burden onto the corporation
c. reduced federal, state and local sales taxes
d. reduced tax brackets and the marginal tax rates within the brackets
e. resulted in reducing government deficits
D
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Monetary and fiscal policy making that is carried out in response to a pre-set rule and does not respond to changes in economic activity is known as
A) active policy making. B) discretionary policy making. C) nondiscretionary policy making. D) Keynesian policy making.
The Board of Governors:
A. are experts in banking, finance, and monetary policy. B. are appointed by the U.S. president and confirmed by the Senate to 14 year terms. C. Both these are true. D. Neither of these are true.
International capital flows are purchases and sales of ____ across national borders
a. goods b. financial assets c. services d. commodities
A government began 2013 with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus. If all other factors hold constant, this change in policy will cause:
A. the exchange rate to decrease and the trade deficit to increase. B. the exchange rate to increase and the trade deficit to decrease. C. the exchange rate and the trade deficit to decrease. D. the exchange rate and the trade deficit to increase.