What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A. prices
B. nominal income
C. real Gross Domestic Product (GDP)
D. planned expenditures
Answer: C
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Someone who values a lottery at more than the expected value is
a. a risk lover b. risk neutral c. risk averse d. one who tends to play lots of lotteries
Risk:
A. is inherent in every action or decision. B. exists whenever the consequences of a decision are uncertain. C. exists when outcomes are certain. D. is a good that can be purchased.
Fiscal policy is concerned with:
a. encouraging businesses to invest. b. regulation of net exports. c. changes in government spending and/or tax revenues. d. expanding and contracting the money supply.
The U.S. income tax system is completely indexed for inflation
a. True b. False Indicate whether the statement is true or false