What best defines active policy making?
A) taking action to offset a change in economic performance
B) taking action to increase long-term economic growth
C) taking action to make markets more competitive so as to improve efficiency
D) taking action to make markets less competitive so as to improve equity
A
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The underground economy
A) is measured by government officials through tax returns. B) is difficult to describe but easy to measure. C) includes production that uses illegal workers who are paid less than minimum wage. D) includes mining production. E) is estimated by the government and the estimate is part of official GDP.
An increase in interest rates due to a decrease in the money supply will
A) reduce aggregate demand. B) not change aggregate demand. C) increase aggregate demand. D) decrease aggregate supply in the short run and in the long run.