When Social Security first began, the required contribution levels were _____
a. 2 percent of a worker's pay for all income earned
b. 2 percent of a worker's pay for the first $3,000 of income earned
c. 1 percent of a worker's pay for the first $3,000 of income earned
d. 1 percent of a worker's pay for all income earned
b
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On May 12, 2011 the U.S. dollar was worth 0.70 euros. How many dollars did it take to buy one euro?
a. 0.70 b. 1.43 c. 1.70 d. 2.70
When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include:
A. fences B. walkways C. sewer systems D. streets
If the U.S. government repaid its multitrillion debt by printing (i.e., creating) new money, the effect would be to:
a. Lower nominal interest rates. b. Increase aggregate demand, reduce unemployment, and reduce the nation's price level. c. Increase the real risk-free interest rate. d. Wildly inflate prices.
Which of the following explains why the Fed is able to have a dramatic effect on aggregate demand and real output in the short run?
A. price confusion that speeds up the adjustment of real GDP B. money illusion that speeds up the adjustment of the price level C. sticky prices that slow the adjustment of the price level D. sticky wages that slow the adjustment of real GDP