Governments track the value of international transactions with ________.
A. the circular flow model
B. aggregate demand
C. the balance of trade
D. the federal deficit
Answer: C
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A good is normal for a consumer if
A) it is always consumed in a consistent quantity. B) its consumption rises when income rises. C) its consumption falls when income rises. D) some minimal level of the good must be consumed to assure the consumer's survival.
States are required by federal laws to offer child-support enforcement to all parents who request it
Indicate whether the statement is true or false
If the Federal Reserve wishes to increase the money supply by $30,000 and the reserve requirement ratio is 0.4, how big a purchase of bonds will the Fed need to make?
a. $75,000 b. $12,000 c. $1,000 d. $30,000 e. $3,000