the national debt us reduced to zero dollars.

a budgeted deficit during one year is matched by a budgeted surplus in the next year

transfer payments equal tax revenues

government expenditures equal tax revenues

the deficit-GDP ratio equals one

expansionary fiscal policy.

expansionary monetary policy

contractionary fiscal policy

contractionary monetary policy

the unemployed automatically become eligible for unemployment benefits when they lose their jobs in a recession.

when interest rate automatically fall in a recession.

Congress passes a law during a recession that automatically extends unemployment benefits to those whose benefits will soon expire.

a and b

a, b, and c

transfer payments.

defense spending.

private spending.

government spending.

The economy turns down on January 8, 2019, but policymakers do not figure this out until April 19, 2019.

Policymakers wait to see what is really going on in the economy.

Policy makers implement policy X on September 12, 2019, but the effects are not felt until six months later.

a, b, and c

federal government agency that collects taxes and spends these receipts on tanks, bridges, government employees' salaries, etc.

company that delivers packages to your front door.

central bank on the US.

federal government agency that collects and disseminates all the economic data that economists are interested in.

decreases the supply of money.

increases the supply of money.

decreases the demand for money.

increases the demand for money.

buying and selling of Federal Reserve Notes in the open market.

means by which the Fed supplies the economy with currency.

buying and selling of government securities by the Fed.

buying and selling of government securities by the Treasury.

federal funds market.

bank loan market.

Fed market.

discount market.

the exchange of money for goods and then the exchange of those goods for money.

the exchange of money for money, or the exchange of money for stocks and bonds.

the exchange of goods and services for goods and services without the use of money.

any exchange, with or without the use of money, in which the particular negotiate (or barter) the price of the goods to be exchanged.

small-denomination time deposits + savings deposits + money market accounts.

small-denomination time deposits + credit cards + money market accounts + gold deposits.

M1+ small-denomination time deposits + savings deposits + retail money market mutual funds.

M1 + small-denomination time deposits + credit cards + money market accounts.

source of credit, value of transaction costs, until of barter

medium of barter, medium of exchange, medium of transactions

unit of barter, unit of account, measure of account

store of value, store of exchange, measure of account

store of value, medium of exchange, unit of account

reserves a bank must hold against its deposit as mandated by the Federal Reserve.

cash a bank must hold against its deposit as mandated by the Federal Reserve.

checkable deposits a bank must hold against all other deposits as mandated by the U.S. Treasury.

reserves a bank must hold against all its assets as mandated by the Federal Reserve.

supply the economy with paper money

providing check-clearing services

supervising member banks

serving as a fiscal agent for the Treasury

All of the above are major responsibilities of the Fed.

Currency is money, but money of more than just currency.

M1 is a component of M2.

Retail money market mutual funds are part of M2, but institutional money market mutual funds are not.

Credit cards are money since they are widely accepted for purposes of exchange.

as income increases taxes decrease

as income increases taxes increase

the same percent of tax is charged no matter the income

none of the above

budget surplus.

budget deficit.

balanced budget.

regressive income tax.

3/4

1/2

2/3

1/4

crowding out.

fiscal policy.

monetary policy.

open market operations.

currency, credit cards, and saving accounts

paper money, traveler's checks, and time deposits

currency, checking accounts, and traveler's checks

saving accounts, currency, and checking accounts

assets are greater than liabilities.

assets and liabilities are equal.

liabilities are greater than assets

a company has zero liabilities.

Control money supply

Sells US Treasury Stock

Makes paper money

Lends money to the government

Supervises some private banks

Increases interest Rates

Increases Unemployment

Increases Investments

Decreases GDP

Decreases GDP

Increases Unemployment

Increased Investments

Decreased Investments

Increasing the money supply

Decreasing Interest rates

Increasing GDP

All of the above

Money supply goes up

Interest rated go down

GDP does down

Unemployment goes down

Discount Loan

Direct Finance

Personal Loan

Bank Loan

Federal Funds Rate

Discount Rate

Market Rate

Required Rate

Common Rate

Average Rate

Federal Funds Rate

Discount Rate

Quantity Supply Increases

Quantity Demanded Decreases

Amount we import increases

Price Increases

the sale of goods abroad at a price below their costs and below the price charges in the domestic market

the exchange of votes to gain support for legislation

both options

none of the above