Decisions to reduce the money supply are made by ________ and are an example of ________ policy.
A. the Federal Reserve; fiscal
B. the President; monetary
C. Congress; monetary
D. the Federal Reserve; monetary
Answer: D
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Personal income is equal to:
a. national income plus business profits. b. disposable personal income minus personal taxes. c. national income minus transfer payments. d. national income plus welfare benefits minus corporate retained earnings. e. disposable personal income plus transfer payments.
According to the circular-flow diagram GDP
a. can be computed as either the revenue firms receive from the sales of goods and services or the payments they make to factors of production. b. can be computed as the revenue firms receive from the sales of goods and services but not as the payments they make to factors of production. c. can be computed as payments firms make to factors of production but not as revenues they receive from the sales of goods and services. d. cannot be computed as either the revenue firms receive or the payments they make to factors of production.
Trilemma refers to policy conflicts among:
A) fixed exchange rate, monetary autonomy, and free capital mobility goals. B) floating exchange rate, monetary autonomy, and free capital mobility goals. C) fixed exchange rate, monetary autonomy, and floating exchange rate goals. D) floating exchange rate, fiscal autonomy, and monetary autonomy goals.
How is monopolistic competition different from a monopoly?
a. Monopolistic competition has difficult entry; a monopoly has easy entry. b. A monopoly has strong control over a product; monopolistic competition has little control over a product. c. Monopolistic competition has similar (but not identical) brands; a monopoly has one brand. d. A monopoly has zero long-run economic profits; monopolistic competition has high long-run economic profits.