What important lesson did American economists learn in the 1980s and again in 2001–2003?
A. Large tax cuts can lead to a balance of trade surplus.
B. Large government budget deficits can crowd out consumption.
C. Large government budget deficits can bankrupt the nation.
D. Large government budget deficits can crowd out net exports.
Answer: D
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One possible reason the U.S. income distribution has become more unequal is
A) information technology has decreased the demand for unskilled labor. B) information technology has increased the demand for unskilled labor. C) information technology has increased the supply of unskilled labor. D) information technology has decreased the supply of unskilled labor.
Which of the following is true of the European Currency Unit?
a. It was used by the European nations as a medium of exchanging goods and services. b. It was an accounting entry that was transferred between two European nations. c. It was replaced by the euro in the early 1980s. d. It was denominated in the British pound. e. It was a primary international reserve asset of most of the nations across the world.
The balance between efficiency and equality is an illustration of a. scarcity
b. trade-offs. c. the forces of supply and demand. d. none of the above.
Utility refers to the
A. Decrease in satisfaction as more of a good or service is consumed. B. Additional satisfaction obtained from one more unit of a good or service. C. Willingness to buy specific quantities of a good or service at a particular price. D. Satisfaction obtained from a good or service.