Normative economics deals with ____ and positive economics deals with ____
a. what should be; what is
b. fiction; fact
c. microeconomics; macroeconomics
d. negative aspects; positive aspects
e. changing circumstances; same circumstances
a
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As the exchange rate ________, the ________ is the value of U.S. ________
A) falls; greater; imports B) falls; greater; exports C) rises; greater; exports D) rises; smaller; imports
For the U.S. economy, the largest expenditure category is:
A) government expenditures. B) net export expenditures. C) personal consumption expenditures. D) investment expenditures.
If the inflation rate target is 2%, the current inflation rate is also 2%, and the output gap is zero, then according to the Taylor rule, the nominal federal funds rate should be ________ percent
A) zero B) two C) four D) three E) none of the above
If the level of government spending rises and simultaneously there is a fall in the money stock, we definitely know that
a. income will rise. b. the change in the interest rate will be ambiguous. c. income will fall. d. the interest rate will fall. e. None of the above