M1 money includes all but which one of the following?
A. checkable deposits
B. savings accounts
C. paper money
D. coins
Answer: B
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From 1950 to 2009, the average length of recessions in the United States has been
A) less than 1 year. B) between 1 year and 2 years. C) between 2 years and 3 years. D) longer than 3 years.
Inelastic demand implies
A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded. C) that a one percent cut in price results in a larger than one percent increase in quantity demanded. D) that a one percent decrease or increase in price induces no change in total revenue.
The U.S. federal income tax is progressive, which means that _____.
a. tax receipts grow at the same rate that income does b. tax receipts grow at the same rate that government spending does c. middle-income individuals pay more in taxes than either high-income or low-income individuals d. the tax rate decreases with increases in income e. high-income individuals are taxed at a higher rate than low-income individuals
Potential GDP is an estimate of the economy's ability to produce goods and services if the
a. labor force is fully employed. b. price level is stable. c. trade balance is zero. d. federal budget is balanced.