In the United States, the Federal Reserve is asked to:
A. deliver price stability as one of a number of objectives.
B. meet a specific target for unemployment each year.
C. deliver on a specific inflation target set by Congress.
D. meet an explicit target for economic growth.
Answer: A
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Which of the following did the 1986 Tax Reform Act not intended to do?
a. lower marginal tax rates b. broaden the tax base c. keep average tax rates the same d. reduce the bias towards saving
A loan is said to be productive if it
a. increases the purchasing power of the borrower. b. increases the present utility of the borrower’s possessions. c. ultimately costs less to repay than it was worth when borrowed, due to inflation. d. increases the borrower’s total output and profits.
If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing the fourth unit of output, then at five units of output, average total cost must be rising
a. True b. False Indicate whether the statement is true or false
If a country does not engage in trade with other countries, it is known as
A. A trade surplus economy. B. A trade deficit economy. C. An open economy. D. A closed economy.