Actions on the part of monetary and fiscal policy makers that are undertaken in response to some change in the overall economy are known as
A) creative policy making. B) passive policy making.
C) active policy making. D) nondiscretionary policy making.
C
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Refer to Table 5.1. Ranked highest to lowest in expected income, the majors are
A) economics, accounting, English, mathematics, political science. B) mathematics, English, political science, accounting, economics. C) economics, accounting, mathematics, English, political science. D) English, economics, mathematics, accounting, political science. E) accounting, English, mathematics, political science, economics.
Simon Kuznets's research in his National Income and Its Composition showed that
a. Keynes's absolute income hypothesis is empirically correct b. budget deficits crowd out consumption spending c. a nation's MPC tends to remain fairly constant regardless of the absolute level of national income d. as national income increases, consumption spending increases, but by diminishing amounts e. consumption and income cannot be linked in any meaningful fashion