Many economists conclude that in-kind income programs have served to increase levels of inequality significantly from the levels suggested by aggregate income statistics
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following accounts records the change in U.S. official reserves?
A) current account B) capital and financial account C) official settlements account D) none of the above
Check collection and clearing happen
A) at the bank where the check was written. B) only at private clearing centers. C) at the Fed and at private clearing centers. D) only at the Fed.
The position of the long-run aggregate supply curve corresponds to the economy's: a. full-employment real GDP
b. maximum possible level of employment. c. natural level of personal consumption expenditure. d. maximum possible level of personal consumption expenditures. e. maximum possible price level.
In Classical economic theory, full employment is thought to be restored in the long-run because:
a. If unemployment were anywhere but at full employment, the government and central bank would react and have time to move the economy to where it should be. b. The natural forces of supply and demand in the labor force change the real wage and eliminate labor surpluses and deficits. c. Antitrust legislation will have time to take effect and to solve any economic imbalances. d. International organizations, such as the International Monetary Fund, step in to ensure the nation returns to full employment. e. None of the above is correct because Classical economic theory does not believe that an economy will move automatically toward full employment in the long run.