Discretionary expenditures account for approximately
A. One-half of the federal budget.
B. One-fifth of the federal budget.
C. Three-fourths of the federal budget.
D. One-third of the federal budget.
Answer: B
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By common definition, a recession occurs when
A) the international deficit worsens for at least two successive quarters. B) the government budget deficit exceeds the national debt. C) the inflation rate exceeds 3.5 percent. D) real GDP decreases for at least two successive quarters.
One reason why most economists forecast that the effects of NAFTA on the U.S. economy would be small is because
A) NAFTA does not bring down tariffs far enough. B) the Mexican economy is small relative to the U.S. economy. C) NAFTA trade opening provisions only cover a handful of sectors. D) Mexico was not expected to live up to its obligations under the agreement. E) the United States was not expected to live up to its obligations under the agreement.
If a firm sells its output at a price greater than AVC, it will earn economic profit
a. True b. False Indicate whether the statement is true or false
What will happen to unemployed retail workers if the government is unable to target stimulus spending at the retail sector?
A. Most will become discouraged and leave the labor force. B. They may eventually find work after government spending works its way through the economy. C. They may eventually find work after the Fed reduces tax rates, increasing household consumption spending. D. They will remain permanently unemployed unless they find work in another sector of the economy.