All of the following are true about electronic funds transfers except:
A. sometimes involve the Federal Reserve sending electronic images of checks to banks.
B. include automated clearinghouse transactions (ACH).
C. include credit card payments made online.
D. occur when banks or individuals deposit/withdraw from one bank account to another electronically.
Answer: A
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The model of aggregate demand and aggregate supply can NOT be used to:
A. discuss the pros and cons of income tax cuts. B. evaluate a tax cut's effect on short run economic fluctuations. C. assess a tax cut's effect on longer run issues such as the national debt. D. to discuss income distribution.
To a Marxist, income inequality derives from
a. purely random events b. incompetent government policy c. unequal education d. unequal distribution of property e. unequal abilities of individuals
An increase in government spending initially and primarily shifts
a. aggregate demand to the right. b. aggregate demand to the left. c. aggregate supply to the right. d. neither aggregate demand nor aggregate supply in either direction.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
In the long run, the equilibrium price will be ________ per gallon, and each firm's profit-maximizing quantity will be ________ gallons per week.
A. $20; 400 B. $15; 300 C. $20; 4,000 D. $15; 6,000