The euro is
A) the currency of all nations in Europe.
B) the rate at which the French central bank makes discount loans.
C) a common currency of many European countries.
D) the name of the European central bank.
C
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The long run is distinguished from the short run because only in the long run
A) output prices can vary. B) factor of production prices can vary. C) the quantities of all factors of production can be varied. D) the firm no longer maximizes its profit.
An example of tax smoothing is provided by evidence of
A) temporary changes in defense expenditures by the government. B) reductions in tax rates prior to presidential elections. C) Keynesian tax cuts designed to help the economy recover from a recession. D) reliance on debt financing rather than taxation during World War II.
If investment spending decreases by $500 billion and if MPC = 0.6,
a. equilibrium GDP will rise by $1,250 billion b. equilibrium GDP will fall by $500 billion c. equilibrium GDP will fall by $1,250 billion d. equilibrium GDP will rise by $500 billion e. nothing will happen in the short run
When government runs a budget deficit, it makes up the difference by:
A. issuing government bonds. B. increasing transfer payments. C. paying down outstanding debt. D. increasing public saving.