The largest source of receipts for the federal government is
A. personal income taxes.
B. Social Security taxes.
C. corporate income taxes.
D. capital gains taxes.
Answer: A
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Of money's three functions, the one that distinguishes money from other assets is its function as a
A) store of value. B) unit of account. C) standard of deferred payment. D) medium of exchange.
In the short run in the Keynesian model, a sharp decline in oil prices would leave the economy with a ________ level of output and a ________ real interest rate
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
Why has M2 grown more quickly than M1 in recent decades?
A) Currency in circulation has declined. B) People own more shares of stock than in the past. C) The amount of funds in CDs and money market mutual funds shares has grown faster than currency or checking deposits. D) Most people use debit cards instead of checking accounts.
When supply is perfectly elastic, the value of the price elasticity of supply is
a. 0. b. 1. c. greater than 0 and less than 1. d. infinity.