Today's U.S. dollar bills are "backed" by
A) nothing.
B) Warren Buffet.
C) barrels of oil.
D) precious metals.
E) U.S. Treasury Bonds.
A
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Which of the following is true? i) A rational choice is made on the margin. ii) Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii) Economists try to understand how the economic world works by testing normative statements.
A. Only ii
B. i and ii
C. Only iii
D. i and iii
E. Only i
If the marginal propensity to consume (MPC) is 0.75 and if policy makers wish to increase real GDP by $300 million to fight a recession, then by how much would taxes have to change?
A. -$30 million B. -$50 million C. -100 million D. -300 million
Flow variable measures the dollar amount of goods at a specific point in time.
a. true b. false
According to the text, the federal government spends the most taxpayer-provided funds regulating which area of the economy?
A. consumer safety and health B. the environment C. finance and banking D. transportation