A modern economy is one where:
a. there is no medium of exchange
b. a single seller controls the production of all goods and services.
c. every individual interacts with thousands of other individuals to receive the goods they need to survive.
d. international trade does not take place.
c
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Which of the following fiscal policy changes would be the most contractionary?
A. A $40 billion increase in taxes B. A $10 billion increase in taxes and a $30 billion cut in government spending C. A $20 billion increase in taxes and a $20 billion cut in government spending D. A $30 billion increase in taxes and a $10 billion cut in government spending
Present value is:
A. how much a certain amount of money that will be obtained in the future is worth today. B. how much a certain amount of money that you have in the present will be worth in the future. C. the process of accumulation of additional interest paid on interest that has already been earned. D. how much a certain amount of money needs to be discounted to be meaningful.