Fiscal policy refers to changes in
A) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives.
B) federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
C) federal taxes and purchases that are intended to fund the war on terrorism.
D) the money supply and interest rates that are intended to achieve macroeconomic policy objectives.
Answer: B
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The unemployment rate in an economy is 6%. The total population of the economy is 290 million, and the size of the civilian labor force is 150 million. The number of unemployed workers in this economy is:
a. 24 million b. 6 million c. 12 million d. 9 million
Refer to the above figures. Which panel(s) represent the effect of an increase in the price level?
A. Panel A only B. Panel D only C. Panels A and C only D. none of the panels