About what percent of the government's budget is authentic discretionary spending?
A. 20%
B. 35%
C. 65%
D. 10%
Ans: A. 20%
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A monopolistically competitive firm is like a perfectly competitive firm insofar as both
A) have negatively sloping demand curves. B) can make zero economic profit in the long run. C) have horizontal MR curves. D) are protected by high barriers to entry.
Fractional reserve banking
(a) destroys money. (b) requires banks to engage in 100 percent of total banking activities. (c) allows banks to create money while requiring them only to hold a fraction of money. (d) all of the above.
Bond A and Bond B have identical characteristics except that Bond A has a higher interest rate. Which bond has a higher credit risk?
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.