The first official statement of goals for macroeconomic performance in the United States came with the passage of the
A) Federal Reserve Act of 1913.
B) Employment Act of 1946.
C) Great Depression Act of 1933.
D) Full Employment and Balanced Growth Act of 1978.
Ans: B) Employment Act of 1946.
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When the Social Security system enters its deficit years and the bonds held in the trust fund are drawn down,
a. overall taxes will be reduced as the trust funds are used to pay benefits to retirees. b. the payroll taxes used to finance Social Security benefits can be reduced because the trust funds will be sufficient to pay the retirement benefits of the baby boom generation. c. taxes will have to be raised (or additional funds will have to be borrowed) in order to redeem the bonds held in the trust fund. d. income taxes will have to be reduced in order to keep the revenues and expenditures of the Social Security system in balance.
The quantity equation states that:
A. money times velocity equals real GDP. B. money times the average price level equals real GDP. C. money times the average price level equals nominal GDP. D. money times velocity equals nominal GDP.