The policy mix that the Clinton administration sought in early 1993 was a
A. smaller budget deficit and tighter monetary policy.
B. smaller budget deficit and looser monetary policy.
C. larger budget deficit and looser monetary policy.
D. larger budget deficit and tighter monetary policy.
Answer: B
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Nominal GDP differs from real GDP because:
A. Nominal GDP is based on constant prices B. Real GDP is based on current prices C. Real GDP results from adjusting for changes in the price level D. Nominal GDP results from adjusting for changes in the price level
Refer to Tax Problem. In the absence of any government intervention (e.g. taxes or price controls), the market equilibrium is
Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55