The monetary base is comprised of:
A. commercial bank deposits at the Fed.
B. currency held by the public.
C. vault cash.
D. all of the options listed here.
Answer: D
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If a tax cut increases people's labor supply, then
A) tax cuts increase potential GDP. B) tax cuts decrease aggregate demand. C) tax cuts decrease potential GDP because the real wage rate falls. D) tax cuts cannot affect aggregate demand. E) Both answers B and C are correct.
Suppose the production of VCRs can be represented by the following production function: q = L0.4 K0.4. Which of the following statements is TRUE?
A) The production function has decreasing returns to scale. B) The production function has increasing returns to scale. C) The production function has constant returns to scale. D) Returns to scale vary with the level of output.
Waste systems and highways are part of a nation's infrastructure
a. True b. False Indicate whether the statement is true or false
Monetary policy has ________ impact on the long-run Phillips curve
A) a positive B) no C) a negative D) an unpredictable