Legislation passed shortly after September 11, 2001 saw the federal government become
A. the insurer (hence, re-insurer) of last resort.
B. the primary insurer in the U.S.
C. the primary insurer for all acts of terrorism but not for other losses.
D. the primary re-insurer in the U.S.
Answer: A
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When inflation expectations changed during the 1967-1971 period, this change led to
A) the short-run Phillips curve shifting upward. B) the short-run and the long-run Phillips curve both shifting upward. C) an increase in the natural unemployment rate. D) the long-run Phillips curve shifting leftward. E) the long-run Phillips curve shifting rightward.
In order to increase society's well-being, a process that produces a positive externality might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention
In 2014, what percent of the population lived under the official poverty line in the United States?
A. 11.3 percent, down from a near all-time high of 14.8 percent in 2000. B. 14.8 percent, higher than a near all-time low of 3.11 percent in 2000. C. 14.8 percent, higher than a near all-time low of 11.3 percent in 2000. D. 11.3 percent, down from a near all-time high of 25 percent in 2000.
Why is fiscal policy less effective in an open economy than in a closed economy?
a. Expansionary fiscal policy raises demand for imports, which reduces aggregate demand.
b. Expansionary fiscal policy raises interest rates, which raises the value of the currency, and reduces aggregate demand.
c. Expansionary fiscal policy raises the value of the currency, which reduces demand for exports.
d. Expansionary fiscal policy has all the above effects.