The deficit is
A) the amount by which government purchases, transfers, and net interest exceed tax revenues.
B) the amount by which government purchases and transfers exceed tax revenues.
C) the primary deficit minus net interest payments.
D) total tax revenues minus net interest minus government expenditures.
A
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Suppose the base year of the CPI is 2010, and the CPI calculated for 2012 was 102. What is the correct interpretation of this number?
A. Average prices in the economy have increased by 102 % since 2010. B. Average prices in the economy have increased by 1.9 % since 2010. C. The cost of living for a typical consumer is 2 % higher than it was in 2010. D. The average goods of all consumers has risen an average of 2 % from 2010 to 2012.
If businesses become more pessimistic about the future, what fiscal policies could the government take to stabilize the economy?
The Lorenz curve demonstrates:
A. inequality visually; the more linear the curve, the more inequality exists. B. inequality visually; the more linear the curve, the less inequality exists. C. average income levels per quintile; the more linear the curve, the more inequality exists. D. average income levels per capita; the more linear the curve, the less inequality exists.
The terms of trade are
A) the terms negotiated in a trade agreement. B) exports plus imports divided by GDP. C) the value of the real exchange rate. D) the ratio of export prices to import prices.