A balanced budget is present when:
A. the economy is at full employment.
B. the actual level of aggregate spending equals the planned level of spending.
C. public sector spending equals private sector spending.
D. government revenues equal government expenditures.
Answer: D
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U-1 is a more ________ measure of unemployment rate than the conventional U-3 measure and U-1 counts as unemployed workers who ________
A) narrow; have been unemployed for 15 weeks or more weeks B) broad; have been laid off C) broad; are marginally attached to the labor force D) narrow; have been laid off E) broad; who are discouraged workers
Why do you never see firms in a perfectly competitive market advertise their product?
What will be an ideal response?
Real GDP equals nominal GDP
a. minus exports. b. corrected for changes in the price level. c. minus personal income taxes. d. minus retail sales taxes.
The figure below shows the supply and demand curves for oranges in Smallville.
What is the marginal cost of producing the tenth pound of oranges?
A. $4 B. $2 C. $5 D. $3