Each Federal Reserve Bank
a. is directly responsible to the U.S. president.
b. is controlled by its own Board of Governors.
c. lacks autonomy.
d. handles a district of equal geographic size.
b. is controlled by its own Board of Governors.
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According to the above figure, at an income level of Y1,
A) the economy saves an amount equal to BD. B) the economy dissaves an amount equal to BD. C) the average propensity to save is greater than one. D) the marginal propensity to save is falling.
The general rule for benefit maximization suggests that in personal equilibrium:
A) the ratio of total benefits to price should be identical across all goods. B) the ratio of total benefits to income should be identical across all goods. C) the ratio of marginal benefits to price should be identical across all goods. D) the ratio of marginal benefits to income should be identical across all goods.
Compared to a negative income tax, the federal personal income tax is thought of as a way to promote greater equality. Why?
Figure 10-10
indicates the output of the economy, y1, is
a.
less than the economy's long-run capacity.
b.
equal to the economy's long-run capacity.
c.
greater than the economy's long-run capacity.
d.
unattainable, even in the short run.