The paper money or currency in the U.S. essentially represents:
A. A debt of commercial banks and savings institutions
B. A debt of the U.S. Treasury
C. An asset of the Federal government
D. A debt of the Federal Reserve System
D. A debt of the Federal Reserve System
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One benefit to private sector production of a collective consumption good is _____
a. it overcomes the free riding problem b. private producers can often bundle the good with something else people value c. profits from private companies can be taxed d. provides information valuable in allocating future resources
The Jones family is going to Disney World and has set a budget of $2000 for food and souvenirs. If Mr. Jones finds a $50 bill on the ground during their trip and uses it to purchase additional souvenirs, then
a. souvenirs are a normal good b. food is an inferior good c. the budget line has shifted to the left d. the slope of the budget line has changed e. souvenirs are a luxury good
Other things the same, an increase in the U.S. real exchange rate makes U.S. goods more expensive relative to foreign goods
a. True b. False Indicate whether the statement is true or false
If there is a temporary adverse supply shock, then the short-run Phillips curve shifts to the
a. right. It remains to the right regardless of monetary policy. b. right. It remains to the right if the central bank pursues expansionary monetary policy. c. left. It remains to the left regardless of monetary policy. d. left. It remains to the left if the central bank pursues expansionary monetary policy.