Transfer payments include
A) open market sales. B) Social Security.
C) consumption taxes. D) dividends.
B
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The equilibrium level of real GDP is $5,000 billion, the full employment level of real GDP is $6,000 . and the marginal propensity to consume (MPC) is 0.90 . Which of the following statements is true?
a. A recessionary gap exists equal to $100 billion. b. The full employment target could be reached if government increased its spending by $100 billion. c. Both of the above statements are true. d. Neither of the above statements are true.
One assumption that changes the equation of exchange into the quantity theory of money is:
A. real output varies with the money supply. B. velocity remains constant. C. price times quantity equals nominal output. D. expectations change with inflation.