The traditional tools of monetary policy
A. can only be utilized after obtaining the approval of Congress.
B. rely heavily upon changes in individual income tax rates.
C. seek to influence an "intermediate" target variable.
D. directly impact the economy.
Answer: C
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If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:
A. $3,500,000. B. $500,000. C. $4,000,000. D. $1,000,000.
Even though reliable data is lacking, the Beard-Hacker Thesis maintains that the Civil War (1861–1865)
(a) was more costly to the South than to the North. (b) ended Southern prosperity through the abolition of slavery. (c) increased immigration to the U.S. (d) sped up the industrialization of the U.S.
If both demand for and supply of capital increase by equal amounts, then the equilibrium price of capital goes up, and the equilibrium quantity of capital increases
a. True b. False Indicate whether the statement is true or false
Answer the following statement true (T) or false (F)
1) The consumer demand curve for a product is downsloping because marginal utility is constant when price declines. 2) The income effect explains an exception to the law of demand. 3) The substitution effect suggests that when consumers judge product quality by price, they will substitute high-priced products for low-priced products. 4) Noncash gift-giving involves value loss when the marginal utility of the gift to the receiver is less than the product price.