What is the largest component of the federal budget?
A) discretionary spending B) entitlements and mandatory spending
C) defense spending D) net interest
B
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In the short run when prices don't have enough time to change, the Federal Reserve
A) can influence the level of interest rates in the economy but generally will not because it would be destabilizing. B) can only affect the amount of money in the economy. C) can influence the level of interest rates in the economy. D) cannot influence the level of interest rates in the economy.
Devastating damage resulting from a major earthquake and tsunami will most likely
A) initially move a country to a time path beneath its balanced growth path. B) move a country to a lower point on its balanced growth path. C) shift the balanced growth path for a country to a new, lower level. D) have little to no impact on the short-term growth rate in a country.
Which was not a factor in causing the Great Depression?
a. the end of a boom in construction b. the crash of the stock market c. a struggling agriculture sector d. structural weakness in the banking system e. All of the above were factors causing the Great Depression.
Are there ever exceptions to the law of demand?