Which of the following is a liability on the balance sheet of the Federal Reserve System?
A) currency
B) U.S. government securities
C) mortgage-backed securities
D) None of the above are correct because they are all assets of the Federal Reserve.
A
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Keynesian policy suggests that if inflationary rises in the price level are a concern, the response would be contractionary fiscal policy, using tax increases or government spending cuts to shift AD to the left. What would the result be in this scenario?
a. The result would be downward pressure on the price level, very little reduction in output but a large rise in unemployment. b. The result would be downward pressure on the price level, but very little reduction in output or very little rise in unemployment. c. The result would be downward pressure on the price level, a large reduction in output but very little rise in unemployment. d. The result would be downward pressure on the price level, but a large reduction in output and a large rise in unemployment.
Which of the following is an example of detrimental externality?
A. A trailer’s entry onto an overcrowded road that delays the movement of other vehicles. B. Fall in demand for gasoline in the United States softens the price of gasoline in the global market. C. Government investment in energy generation from nonconventional sources. D. Society devotes huge quantity of its scarce resources for vital innovative activity.
The condition in an economy that makes a "rationing device" a necessity is:
A) the economy is organized around free markets. B) the economy is centrally planned by the government. C) scarcity exists. D) there are fewer types of goods than there are people in the economy.
What did NOT cause the 2008-2009 recession?
A. Decrease in AD B. Housing bubble burst C. Large banks and corporations shut down D. Improper fiscal policy E. Stock market and wealth decrease