Macro equilibrium always occurs when
A. The labor force is fully employed.
B. Aggregate demand equals aggregate supply at a given average price level.
C. The level of output is expanding.
D. Aggregate supply is greater than aggregate demand.
Answer: B
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In the United States, the temporary tax surcharge of 1968
A) actually increased consumer spending. B) decreased consumer spending by more than was originally estimated. C) had no impact on consumer spending. D) decreased consumer spending by less than was originally estimated.
In the United States, the central bank is the ________
A) Bank of America B) Federal Reserve System C) Federal Reserve Bank of New York D) Federal Reserve Bank of Washington D.C.
Keynes believed
A. increases in investment expenditures are due to lower interest rates. B. increases in investment expenditures are due to high profit expectations. C. increases in investment expenditures are due to excessive funds in the loanable funds market. D. since supply creates its own demand, increases in investment expenditures creates additional supply and therefore more demand and earnings for the businesses.
Which of the following laws made "closed shops" unlawful?
A. Taft-Hartley Act B. National Industrial Recovery Act C. Railway Workers Act D. National Labor Relations Act