Lump sum grants are sometimes referred to as categorical grants.
A. True
B. False
C. Uncertain
B. False
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The policy of attempting to obtain a specific low level of inflation over the long run is referred to as:
A) inflation targeting. B) the seigniorage policy. C) the minimal inflation policy. D) price control.
Compounding is:
A. the process of deposits steadily increasing a set amount annually. B. the process of accumulation of additional interest paid on interest that has already been earned. C. the process of adding the percentage of interest times your initial principal yearly. D. None of these statements is true.
Statistical studies in the United States have reached the conclusion that for low-income workers
A. the substitution effect is greater than the income effect. B. the income effect is greater than the substitution effect. C. the income effect is about equal to the substitution effect. D. the substitution effect is of the “wrong” sign.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease