The ________ program was created in 1975 to provide rebates of Social Security taxes to low-income workers
A) food stamp
B) SSI
C) TANF
D) EITC
D
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Which of the following is a policy tool of the Fed? i. setting the required reserve ratios ii. conducting open market operations iii. quantitative easing
A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
Decreases in the price level will
A) raise consumption because real wealth increases. B) lower consumption because goods and services are less affordable. C) raise consumption because goods and services are more affordable. D) lower consumption because real wealth decreases.
At a given price, a surplus occurs when
a. the quantity demanded is more than the quantity supplied. b. the quantity demanded is the same as the quantity supplied. c. the quantity supplied is less than the quantity demanded. d. the quantity supplied is greater than the quantity demanded.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.