Money is
a. only assets such as gold and silver
b. only fiat in nature
c. anything that is generally accepted as a means of payment
d. acceptable as a means of payment because the government guarantees that it must be
e. only those things backed by gold
C
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During the 1915–1919 fiscal years, income tax revenues comprised approximately 53% of total federal revenues. Today, over 80% of total tax revenues are raised through income taxes
Indicate whether the statement is true or false
Think in terms of the effect a fall in the price level has on aggregate demand (in the AD/AS model) as well as on the aggregate expenditure curve (in the AE model). In the AE model, the AE curve shifts
a. downward, and in the AD/AS model, it decreases the quantity of aggregate demand, which is shown as a movement down along the AD curve b. downward, and in the AD/AS model, it increases the quantity of aggregate demand, which is shown as a movement up along the AD curve c. downward, and in the AD/AS model, it increases the quantity of aggregate demand, which is shown as a movement along the AD curve d. upward, and in the AD/AS model, it decreases the quantity of aggregate demand, which is shown as a movement down along the AD curve e. upward, and in the AD/AS model, it increases the quantity of aggregate demand, which is shown as a movement down along the AD curve