Which of the following statements is a positive economic statement?
A) The Congress should pass the president's tax package.
B) The U.S. tax system always gives too much favor to rich people.
C) The President's budget included an increase in unemployment insurance payments.
D) none of the above
Answer: C
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The quantity of money is $1 billion, the price level is 1.10, and real GDP is $10 billion. What is the velocity of money?
What will be an ideal response?
The Fed accidentally discovered open market operations when
A) it came to the rescue of failing banks in the early 1930s, and found that its purchases of bank loans injected reserves into the banking system. B) it purchased securities for income following the 1920-1921 recession. C) it attempted to slow inflation in 1919 by selling securities and found that its sales drained reserves from the banking system. D) it reinterpreted a key provision of the Federal Reserve Act.