Which of the following is one of the Five Fundamental Questions?
A. Which products will be in scarce supply and which in excess supply?
B. Who should appoint the head of the central bank?
C. How much should society save?
D. What goods and services will be produced?
Answer: D
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Where the consumption function intersects the 45-degree line
A. saving will be zero. B. savings will be negative. C. consumption will equal only autonomous consumption. D. the average propensity to consume is 0.5.
Suppose the economy is operating at its full-employment-noninflationary GDP and the MPC is .75. The federal government now finds that it must increase spending on military goods by $21 billion in response to deterioration in the international political
situation. To sustain full- employment-noninflationary GDP, government must: A. reduce taxes by $28 billion. B. reduce transfer payments by $21 billion. C. increase taxes by $21 billion. D. increase taxes by $28 billion.
Since the end of the 2008-2009 recession, remittances from illegal immigrants in the United States to Mexico
A. began to noticeably decrease. B. have begun to increase. C. did not noticeably change. D. continued to fall.
The BP curve shifts to the left when:
a. the exchange rate falls. b. interest rates rise. c. income rises. d. imports increase.