The largest percentage of the national debt is held by
a. foreigners
b. the Federal Reserve
c. U.S. individuals
d. commercial banks
e. federal government agencies and trust funds
E
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Return to the case of education and the job market from the previous question. Which condition would be consistent with both types' obtaining an education in equilibrium?
a. cH < w < cL. b. cL < w < cH. c. cH < cL < w. d. w < cL < cH.
Which of the following statements is true?
A. According to the permanent income hypothesis, a person who received a windfall of say $100,000 would spend most of it that year. B. As disposable income rises, induced consumption falls. C. The minimum amount that people will spend if disposable income is zero is called induced consumption. D. A rapid increase in the prices of residential housing results in an increase in consumption due to the wealth effect.
Refer to Figure 15.6. All of the following Fed actions are likely to increase the aggregate demand curve from AD1 to AD2 except
A. Raising the discount rate. B. Lowering the federal funds rate. C. Buying bonds in the open market. D. Lowering the reserve requirement.
If tastes for a good increased and the price of a substitute good decreased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.