Which of the following correctly describes the trend in the federal budget during the 1980s?
a. Federal spending declined relative to GDP, while federal revenues rose relative to GDP.
b. Federal spending rose relative to GDP, while federal revenues declined relative to GDP.
c. Balanced budgets were passed through cooperation between the President and Congress.
d. The dollar depreciated,
thereby lowering the deficit.
e. The budget deficit decreased and then disappeared, turning into a surplus in the 1980s.
b
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All else being equal, if the law of supply states that as the price of a good, service, or resource rises
A. the quantity supplied will decrease, which explains the shape of the supply curve. B. the quantity demanded will decrease, which explains the shape of the supply curve. C. the quantity supplied will increase, which explains the shape of the supply curve. D. the quantity demanded will increase, which explains the shape of the supply curve.
Which of the following products may have a free-rider problem?
A) On-the-job training programs B) Environmental protection programs C) Movie DVDs D) Mobile phones
If China were to adopt a floating exchange-rate regime, it would:
A. cause the Chinese trade balance to fall. B. cause the U.S. trade balance with China to fall. C. force the U.S. to adopt a fixed exchange rate to maintain the balance of trade. D. de-stabilize the entire world economy.
If many landlords convinced many tenants to leave their rent-control apartments, how would the graph most likely change?
a. PRC would increase.
b. PRC would decrease.
c. PE would decrease.
d. PE would increase.