It was the banking panic of _____ that convinced Congress to establish the Federal Reserve System
a. 1890.
b. 1929.
c. 1907.
d. 1863.
e. 1921.
C
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Which of the following best describes the cause-and-effect chain of an expansionary monetary policy?
A. An increase in the money supply will lower the interest rate, increase investment spending, and increase aggregate demand and GDP. B. A decrease in the money supply will raise the interest rate, decrease investment spending, and decrease aggregate demand and GDP. C. A decrease in the money supply will lower the interest rate, increase investment spending, and increase aggregate demand and GDP. D. An increase in the money supply will raise the interest rate, decrease investment spending, and decrease aggregate demand and GDP.
The formula for the computation of labor productivity is
A) nominal GDP/number of workers. B) real GDP/number of workers. C) nominal GDP/population. D) real GDP/population.
An excess demand for money will result in all the following, except:
a. an excess supply of bonds. b. a rise in investment spending. c. a fall in bond prices. d. a fall in consumption spending. e. a fall in equilibrium real GDP.
Suppose the tax amount on the first $10,000 income is $0; $2000 on the next $20,000; $4000 on the next $20,000; $6000 on the next $30,000; and 40 percent on any income over $80,000. Family A has income of $30,000 and Family B has income of $80,000. What is the marginal and average tax rate for each family?
A. Family A: marginal-10 percent; average-10 percent; Family B: marginal-40 percent; average-40 percent. B. Family A: marginal-10 percent; average-20 percent; Family B: marginal-30 percent; average-23 percent. C. Family A: marginal-10 percent; average-15 percent; Family B: marginal-40 percent; average-20 percent. D. Family A: marginal-10 percent; average-6.7 percent; Family B: marginal-20 percent; average-15 percent.