Which of the following is considered an advantage of monetary policy compared to fiscal policy?
A. It is blunter and more politically obvious than fiscal policy
B. It does not have any of the time lags of fiscal policy
C. Its relative isolation from political pressure
D. Its cyclical asymmetry
C. Its relative isolation from political pressure
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Refer to Table 10-1. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) 1% B) 2% C) 3% D) 4%
The difference between personal income and disposable income is:
A) corporate taxes B) personal taxes C) savings D) none of the above
Which of the following is not true regarding the argument for protection as a way of maintaining jobs and wage levels?
a. Wages may be only a small fraction of total production costs. b. High wages do not necessarily imply high labor costs when productivity is taken into account. c. U.S. workers are among the most productive in the world partly because they are well educated and trained compared to other countries. d. U.S. workers are highly productive partly because they are provided with abundant supplies of machines and physical capital. e. It is not possible that the U.S. wages, even when supported by high U.S. output per worker, can render U.S. products competitive with low-wage countries.
A pure monopoly exists when:
A. a single firm produces a good with many close substitutes. B. only a single firm is present in the market. C. many firms produce a good with no close substitutes. D. a single firm produces a good with no close substitutes.