Government expenditures are defined as
A) government spending on goods and services plus transfer payments.
B) the excess of total expenditures over total revenues.
C) the sum of all past borrowing by the government.
D) the excess of total revenues over total expenditures.
A
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The inflation rate can be obtained by ________
A) dividing the nominal GDP by the GDP deflator B) subtracting the real GDP from the nominal GDP C) multiplying the CPI by GDP D) subtracting the growth in real GDP from the growth in nominal GDP E) none of the above
In 1979, Fed Chair Paul Volcker
a. instituted an accommodative monetary policy to address adverse supply shocks. b. believed that inflation had not yet reached unacceptable levels. c. believed decreasing inflation would temporarily decrease output growth. d. All of the above are correct.