Monetary policy is controlled by the U.S. Congress
Indicate whether the statement is true or false
FALSE
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Spending tends to be more susceptible to special interests than taxation
a. True b. False
Which of the following is true of disposable income? a. It excludes transfer payments
b. It is the portion of income that is used solely for consumption. c. It is that part of total earned income that is paid to the government in the form of taxes. d. It is the difference between income and saving. e. It equals consumption expenditures plus saving.
Monopolistically competitive markets may be socially inefficient because
a. most firms produce inferior products. b. government programs cannot effectively regulate price. c. firms earn zero economic profit. d. the market may have too much or too little entry by new firms.
Which of the following statements is correct?
a. The total income in the economy that remains after paying for consumption and government purchases is called private saving. b. The sum of private saving and national saving is called public saving. c. For a closed economy, the sum of private saving and public saving must equal investment. d. For a closed economy, the sum of consumption, national saving, and taxes must equal GDP.