As a percent of GDP, the total U.S. federal debt has been declining since World War II
Indicate whether the statement is true or false
FALSE
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A nation's average annual real GDP growth rate is 6%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
A. 15 years. B. 12 years. C. 20 years. D. 17 years.
If the nominal interest rate is 11 percent and the inflation rate is 9 percent, then the real interest rate is approximately
A) 2 percent. B) 20 percent. C) 4 percent. D) 18 percent.
In the permanent-income hypothesis incorporating rational expectations, the actual cyclical pattern of consumption in the United States is too ________ to justify the assumption that a current change in income ________
A) smooth, is a poor guide to future income changes B) volatile, is a poor guide to future income changes C) smooth, leads to a gradual change in permanent income D) volatile, leads to a gradual change in permanent income
When a tax is placed on the buyers of lemonade, the
a. sellers bear the entire burden of the tax. b. buyers bear the entire burden of the tax. c. burden of the tax will be always be equally divided between the buyers and the sellers. d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal.