Refer to the graph shown.
The fourth quintile (a quintile is a fifth) of the families earn:
A. 28 percent of the income.
B. 52 percent of the income.
C. 24 percent of the income.
D. 20 percent of the income.
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The Fed does not have to go through the normal congressional appropriations process because
A) its expenses are very small. B) it was given enough funds at the time of its founding to provide for its expenses indefinitely. C) it is self financing. D) it is not part of the legislative branch of the federal government.
In deciding to produce more agricultural goods and fewer manufactured goods, a society is addressing the question of
a. where on its production possibilities frontier to operate b. what production methods should be used to produce goods and services c. how will output be allocated among the individuals in the society d. what prices will be charged for goods and services e. the optimal degree of central planning
The Breton Woods System was an agreement that:
A. required each participating country to abolish all trade barriers. B. required each participating country to stay on the gold standard. C. standardized tariffs across all participating countries. D. required each participating country to peg their currency to the U.S. dollar.