A major distinction to be made is that deficits count government spending shortfalls ________, and public debt counts ________.
A. as a percentage of GDP; in nominal terms
B. from all years; the total from a single year
C. in a year; the total amount owed from all years
D. in real terms; in nominal terms
Answer: C
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Which statement is false?
A. President Eisenhower presided over three recessions. B. At the close of the 20th century the unemployment rate was below 5 percent. C. The United States' longest economic expansion was for six years during the Reagan Administration. D. None of the choices are false.
The circular flow model with government included would show that government
A. produces goods and services and sells them in the product market to generate net taxes. B. obtains revenues in the product market and uses it to cover costs in the resource market. C. controls economic resources and sells them in the resource market. D. provides goods and services to businesses and households and pays for them with net taxes.
Merely demonstrating that wages are lower for blacks and females does not in itself prove wage discrimination
a. True b. False Indicate whether the statement is true or false
A change in quantity demanded of a good always results from a change in
a. income b. tastes c. the price of the good d. both income and tastes e. the price of other goods