From 2009 to 2012, the federal budget deficits were the largest budget shortfalls since World War II. The primary reason for the record-large deficits was
a. the recession experienced during this time.
b. severe budget tightening by members of Congress.
c. the shift in political power from Republicans to Democrats.
d. All of the above are correct.
a
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Third-degree price discrimination is more common in service industries because ________.
A. all firms in these industries have significant monopoly power over price B. low price buyers will find it virtually impossible to resell the products of such industries to high price buyers C. the costs of providing such industries' products to different groups of buyers vary dramatically D. the price elasticity of demand is the same for all groups of buyers in these industries
If the quantity of gasoline supplied currently exceeds the quantity demanded,
A) there is a surplus of gasoline. B) gasoline is no longer a scarce good. C) the price of gasoline would tend to remain unchanged. D) all of the above are true. E) none of the above is true.
What happens to M1 and M2 due to each of the following changes?
(a) You take $500 out of your checking account and put it into a passbook savings account. (b) You take $1000 out of your checking account and buy traveler's checks. (c) You take $1500 out of your money—market mutual fund and deposit into your checking account. (d) You cash in $2000 in savings bonds and invest the money in a certificate of deposit.
The fraction of each added dollar of disposable income that is used for consumption is called the:
a. average propensity to consumer (APC). b. autonomous consumption rate (ACR). c. marginal consumption propensity (MCP). d. marginal propensity to consume (MPC).