The aggregate demand curve of an economy _____
Fill in the blank(s) with the appropriate word(s).
is downward sloping
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The four federal taxes that together accounted for 88 percent of all federal government tax receipts in 2013 were:
A) individual income tax, corporate income tax, property tax, and sales tax. B) corporate income tax, national consumption tax, estate tax, and social security tax. C) individual income tax, social security tax, corporate income tax, and Medicare tax. D) social security tax, Medicare tax, estate tax, and corporate income tax. E) none of the above
Which of the following will occur if the supply curve for gasoline shifts to the left?
A. Nothing will happen to the quantity of gasoline used because people are addicted to gasoline. B. The demand for gasoline will shift to the left as people demand less gasoline. C. The price of gasoline will fall, and the quantity demanded will rise. D. The price of gasoline will rise, and the quantity demanded will fall.
The main policy designer of the Federal Reserve system is the
A) 12 district banks. B) President and Congress. C) Federal Open Market Committee. D) Council of Economic Advisors.
Suppose the economy was in equilibrium, and the national government increased spending by $200 billion. Monetarist theory would predict that the nation's:
a. Real risk-free interest rate will fall causing real GDP to rise. b. Real risk-free interest rate will rise causing the monetary base, and therefore, the money supply to rise. c. Real risk-free interest rate will remain unchanged, but the money multiplier will rise. d. Real risk-free interest rate will rise but real GDP will remain the same. e. Real risk-free interest rate will fall causing the money multiplier to rise.