In the 1980s, both the U.S. government budget and U.S. trade deficits increased
a. True
b. False
Indicate whether the statement is true or false
True
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The opportunity cost of going to an outdoor music festival is
A) the value of the time spent at the festival. B) zero because there are no overhead costs for an outdoor festival. C) equal to the highest value of an alternative use of the time and money spent on the festival. D) the enjoyment you receive from going to the festival. E) the cost of the festival ticket only.
The goal of expansionary fiscal policy is to shift the _________ curve to the _________
Fill in the blank(s) with the appropriate word(s).
The market equilibrium quantity:
A. is sometimes the socially optimal quantity. B. is the socially optimal quantity. C. is not the socially optimal quantity. D. maximizes total economic surplus.
The income effect refers to a change in:
A. income because of changes in the CPI. B. the quantity demanded of a good because of a change in the buyer's real income. C. the quantity demanded of a good because of a change in the buyer's money income. D. price of a good because of a change in the buyer's real income.