Question 1 In the US economy, the money supply is controlled by the US Treasury O O Federal Reserve System O Senate committee on banking and finance O Congress Question 2 Refer to the information provided in Eigure 1 to answer this question Figure 1
Question 1 In the US economy, the money supply is controlled by the US Treasury O O Federal Reserve System O Senate committee on banking and finance O Congress Question 2 Refer to the information provided in Eigure 1 to answer this question Figure 1
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Question 1
In the US economy, the money supply is controlled by the..
O US. Treasury
O Federal Reserve System
O Senate committee on banking and finance
O Congress
Question 2
Refer to the information provided in Figure 1 to answer this question
Figure 1
$A
0
O
D₁ D₂
Number of pizzas
per month
Assume the market is initially at Point B and that pizza is a normal good. An increase in consumers' income would cause the market to move from Point B on demand curve D2 to:
O
O
O point C on demand curve D2
point A on demand curve D₂
A
Question 3
B
demand curve DI
18
demand curve D3
O 95 million
O 102 milion
O 105 million
O 145 million
Refer to the information provided in Table 1 below to answer this question;
Unemployed
7
145
Total Population
Employed
95
Discouraged workers
3
The table 1 above contains information about the hypothetical economy of Scoob. All figures are in millions. The labor force in Scoob is:
Question 4
D3
Q
The Prime Minister of Richlandia hires you as an economic consultant. He is concerned that the output level in Richlandia is too low and that this will cause unemployment to rise. Which of the following would be the best advice to give to the Richlandian Prime Minister?
O Increase government spending and decrease taxes
O Reduce taxes and government spending
O Increase taxes and government spending
O None of the above
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