The estimated value of the U.S. government's unfunded liability to Social Security is:
A. $4.6 trillion.
B. $4.8 trillion.
C. $15.6 trillion.
D. $20.5 trillion.
Answer: D
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Fluctuations in economic activity can result from
A) increases in the price of oil. B) wars. C) the loss of crops due to drought or insects. D) all of the above.
Unit excise taxes imposed on gasoline, alcohol, and cigarettes are
A) largely paid by the producers because they want to maintain their level of sales. B) largely paid by consumers because they are not very responsive to price changes. C) shared equally between the producer and the consumer. D) paid by the wholesalers of these products.
Which of the following is NOT an example of a regional trade bloc?
A) the North American Free Trade Agreement B) the European Union C) the Asian-Pacific Trade Agreement D) Mercosur
Suppose a recession surprises economic forecasters who did not see it coming. This is an example of a _____
a. cyclical lag b. recognition lag c. decision-making lag d. implementation lag e. effectiveness lag