Full employment
a. exists when everyone in the economy has a job
b. exists when everyone who wants a job has one
c. exists when the unemployment rate is zero
d. exists when everyone in the labor force has a job
e. will always include some unemployment
E
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The U.S. current account records
A) transactions involving foreign investment in the United States and U.S. investment abroad. B) transactions involving trade, interest payments, and net transfers. C) U.S. exports but not U.S. imports, which are recorded in the capital account. D) the current value of the balance of payments in U.S. dollars. E) all the international transactions during the current year.
Suppose that private saving is $1590 billion, investment is $1945 billion, and the current account balance is -$489 billion. From the uses-of-saving identity, how much is government saving?
A) -$134 billion B) -$844 billion C) $844 billion D) $134 billion
The impact lag is the time between
A) a change in the money supply and a change in interest rates. B) a change in the money supply and a change in GDP. C) the use of a Federal Reserve tool and its effect on GDP. D) the use of a Federal Reserve tool and its effect on the money supply.
Deficit financing
A) is when the government adjusts taxes to raise money to pay for government projects. B) is the mechanism behind the Laffer curve. C) is how the automatic stabilizers work. D) is when discretionary fiscal policy leads to spending more than is collected in taxes.