Refer to the information provided in Figure 23.6 below to answer the question(s) that follow.
Figure 23.6Refer to Figure 23.6. If aggregate income is $1,000, aggregate consumption is
A. $850.
B. $910.
C. $920.
D. $960.
Answer: D
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Since real GDP is adjusted for inflation and nominal GDP is not, nominal GDP must always be higher than real GDP. Do you agree or disagree? Why?
What will be an ideal response?
If an individual moves money from a demand deposit account to a money market deposit account
A) M1 decreases and M2 stays the same. B) M1 stays the same and M2 increases. C) M1 stays the same and M2 stays the same. D) M1 increases and M2 decreases.
The ability-to-pay philosophy of taxation argues for a progressive form of taxation
a. True b. False Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)