The growth rate of average annual earnings in the United States from 1973 to 1995 was:
A. roughly equal to zero.
B. higher than it was from 1960 to 1973.
C. the same as it was from 1960 to 1973.
D. lower than it was from 1960 to 1973.
Answer: D
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The ________ is the rate of change of the ________.
A. base year price index; current year price index B. rate of inflation; CPI C. current year price index; base year price index D. CPI; rate of inflation
If the marginal propensity to consume is 2/3 and autonomous consumption spending increases by $3 trillion, what is the change in GDP?
a. $3 trillion b. $1 trillion c. -$3 trillion d. $9 trillion e. -$9 trillion
Which of the following situations is a clear application of the benefits principle of taxation?
a. wealthier people are taxed more heavily b. heavier vehicles are charged higher tolls on turnpikes c. state government providing a free education to any child in the state d. sales of measles vaccine exempt from sales tax
Federal Reserve actions that increase nominal interest rates and decrease the money supply:
A. raise the rate of inflation. B. raise bond prices. C. close an expansionary gap. D. close a recessionary gap.