Discretionary funds are typically used by the Executive Branch and Congress for activist fiscal policies
Indicate whether the statement is true or false
TRUE
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If a local government collects taxes of $500,000, has $350,000 of government consumption expenditures, makes transfer payments of $100,000, and has no interest payments or investment, its budget would
A) show a surplus of $150,000. B) show a surplus of $50,000. C) be in balance with neither a surplus nor a deficit. D) show a deficit of $50,000.
Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Jones' producer surplus is
A) $5,000. B) $15,000. C) $20,000. D) not able to be calculated from the information given.
Contractionary fiscal policy may have a larger effect in reducing aggregate demand in an open economy than a closed economy
a. True b. False Indicate whether the statement is true or false
Which of the following best describes exchanges rates that are determined by the demand and supply foreign exchange in the absence of official intervention?
A) floating exchange rates B) the gold standard C) fixed exchange rates D) the Bretton Woods system