In which of the following monetary aggregates are Treasury Bills included?
A. M1 only
B. M2 only
C. Both M1 and M2
D. Neither M1 nor M2
Answer: D
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Fiscal policy is sometimes initiated on the advice of the
A. Congressional Budget Office. B. Federal Reserve Board. C. Joint Economic Committee. D. Council of Economic Advisers.
A decrease in aggregate supply means:
A. both the real domestic output and rises in the price level would become greater. B. the real domestic output would increase and rises in the price level would become smaller. C. the real domestic output would decrease and the price level would rise. D. both the real domestic output and the price level would decrease.
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a Pt?Pc per-unit tariff, per-unit revenue received by domestic and foreign producers respectively will be
A. Pa and Pt. B. Pa and Pc. C. Pc and Pa. D. Pt and Pc.