The economy of North Korea would best be classified as:
a. A laissez-faire economy
b. A command system
c. A market system
d. A capitalist economy
b. A command system
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Many government programs, such as unemployment compensation, operate on a deficit during recessions and a surplus during periods of economic expansion. The programs are referred to as
A) discretionary fiscal policy. B) automatic stabilizers. C) Ricardian equivalence. D) Recognition time lag.
If banks are fully loaned out, have no excess reserves, and the legal reserve requirement is raised, the amount that banks can lend is
a. reduced and the money supply contracts b. reduced and the money supply expands c. reduced and there is no change in the money supply d. increased and the money supply expands e. increased and the money supply contracts
All of the following are determinants of money demand except
A) the cost of transferring funds from interest earning assets to checking accounts. B) expectations about the future price level. C) the money supply. D) Real GDP.
In the United States today, the poorest fifth of the population earns about _____ percent of all income, while the richest fifth earns about _____ percent.
a. 4, 50 b. 2, 70 c. 8, 25 d. 6, 35