Which of the following is a category of national income?
A. net interest
B. corporate profits
C. rental income
D. All of these
Answer: D
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The prices of all fixed-income assets (bonds)
A) are independent of the interest rate. B) are determined by the U.S. Treasury. C) vary directly with the interest rate. D) vary inversely with the interest rate.
A tax is said to be progressive if
a. the absolute size of the tax (in dollars) increases as income increases b. the wealthy pay a smaller percentage of their income than the poor c. the average tax rate falls as income rises d. the proportion of income paid as taxes increases as income increases e. the proceeds are used to pay for liberal political programs
Government transfer payments like social security and unemployment benefits are
A) included in government purchases. B) not included in government purchases. C) not included in government purchases, but they are included in the consumption component of GNP. D) not included in government purchases, but they are part of the investment component of GNP. E) included in government purchases but not in the GNP.
Monetary expansion causes the current account balance to increase in the short run. Discuss. Is the same the case for fiscal expansion?
What will be an ideal response?