Total taxes minus transfer payments minus government interest payments is called:
A. national saving.
B. net taxes.
C. a budget surplus.
D. a budget deficit.
Answer: B
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Bank reserves are increased by
A) Treasury currency outstanding. B) Treasury cash holdings. C) Federal Reserve capital. D) currency in circulation.
An increase in the inflation rate results in ________ in the quantity of real GDP demanded because a higher price level ________
A) an increase; increases consumption and investment B) a decrease; increases consumption and investment C) a decrease; reduces consumption and investment D) an increase; reduces consumption and investment
Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
a. Competitive price is higher than the price charged by a monopolist. b. Supply of output is higher in case of a monopoly than if the market is competitive. c. A monopoly can choose its price while a competitive firm is a price taker. d. A market characterized by competition has a higher deadweight loss.
Unpredictable inflation can cause businesses to:
A. increase production due to expecting future price level changes. B. restrict output and stockpile inventory. C. have a hard time planning future production. D. cease production until they know how to adjust for inflation.