Which of the following is an objective of fiscal policy?
A) energy independence from Middle East oil
B) health care coverage for all Americans
C) discovering a cure for Alzheimer's
D) high rates of economic growth
E) homeland security
Answer: D
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Compared to consumption, investment is a much ________ component of GDP and is much more ________
A) smaller; volatile B) larger; volatile C) larger; stable D) smaller; stable
The real business cycle theory is most closely related to
a. Keynesian theory. b. monetarist theory. c. the classical model. d. the new Keynesian model.
Over the past three decades, the United States has
a. generally had, or been very near to a trade balance. b. had trade deficits in about as many years as it has trade surpluses. c. persistently had a trade deficit. d. persistently had a trade surplus.
Which of the following statements is false?
a. An upward-sloping supply curve graphically represents the law of supply. b. A vertical supply curve graphically represents the law of supply. c. If income rises and good X is a normal good, then the demand for good X will rise. d. If income falls and good Y is an inferior good, then the demand for good Y will rise