Aristotle believed voluntary trade should be
A) an exchange of unequal values.
B) an exchange of equal values.
C) an exchange of equal material possessions.
D) an exchange of unequal material possessions.
B
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The most important factor in reversing the economic decline of 1929-1933 was that
A. the federal government finally balanced its budget. B. the stock market began to rise. C. people became more optimistic. D. the federal government began to spend a huge amount of money.
Which of the following is true about the U.S. economy?
A. It had greater economic problems than other Western countries in the 1990s. B. It still experiences periods of inflation and unemployment. C. It has experienced 30 years of outright recession in the last 50 years. D. It has been able to do away with the business cycle.
If government spending and taxes decrease by the same amount,
A) the IS curve does not shift. B) the IS curve shift leftward. C) the IS curve shifts rightward. D) the LM curve shifts downward.
Suppose the economy is in long-run and short-run equilibrium. The Fed changes its policy by raising the difference between the discount rate and the federal funds rate. In the long run we would expect to observe
A. a lower price level. B. a higher real national income. C. a higher price level. D. a lower real national income.