According to the circular flow, the dollar value of a nation's output is equal to
A. total income.
B. wages.
C. the sum of the values of all inputs.
D. profits.
Answer: A
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In the United States, the percentage of part-time workers who would like full-time work
A) increases in recessions and decreases in expansions. B) changes very little from expansion to recession. C) in 2013 was almost 100 percent of all part-time workers. D) Both answers A and C are correct. E) Both answers B and C are correct.
Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce
A) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the supply curve shifted to the left resulting in an increase in the equilibrium price.
The belief that the regulators of the U.S. financial system would not tolerate any losses by depositors at large depository institutions is called
A) the too-big-to-fail doctrine. B) the regulatory capture hypothesis. C) the lender of last-resort doctrine. D) corporate banking system welfare.
Gross public debt minus all government interagency borrowing is
A) government budget deficit. B) an entitlement. C) U.S. Treasury bonds. D) net public debt.