Central bank independence ________
A) is receding as democratic movements gain influence around the world
B) is correlated with relatively high unemployment
C) remains an obstacle to policy transparency
D) is the norm in a growing number of countries
D
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A market failure in the form of an externality arises when
a. production costs are included in the price of a good b. not all costs and benefits are included in the price of a good c. the benefits of consuming a good exceed the costs d. a market fails to achieve equilibrium e. equilibrium price is unstable
Which of the following statements describes a supply curve?
a. A supply curve is a graphic illustration of the relationship between supply, shown on the vertical axis, and demand, shown on the horizontal axis. b. A supply curve is a graphic illustration of the relationship between price, shown on the horizontal axis, and quantity, shown on the vertical axis. c. A supply curve shows the same information as a supply schedule. d. A supply curve shows the same information as a demand schedule.
Macroeconomists pay little attention to the composition of aggregate output.
Answer the following statement true (T) or false (F)
The effect of imposing a lump-sum tax is to:
A. reduce the absolute levels of consumption and saving at each level of GDP and to reduce the size of the multiplier. B. reduce the absolute levels of consumption and saving at each level of GDP but to not change the size of the multiplier. C. reduce the absolute levels of consumption and saving at each level of GDP and to increase the size of the multiplier. D. increase the absolute levels of consumption and saving at each level of GDP and to increase the size of the multiplier.