Between the years 1998 and 2001, the U.S. government experienced
A. contractionary budget cycles.
B. budget deficits.
C. balanced budgets.
D. budget surpluses.
Answer: D
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An example of rational behavior in economics is
a. a firm seeking to minimize its losses in an economic downturn. b. a consumer wanting to maximize satisfaction. c. a country looking to maximize its output. d. All of these.
If the price of a Canadian dollar went from 0.95 US dollars to 0.98 US dollars, we would say that the Canadian dollar has
a. Appreciated b. Depreciated c. Not changed in value d. None of the above
Most of the public debt can be considered a public credit.
Answer the following statement true (T) or false (F)
Figure 14.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that 50% of used cameras in the market are lemons (low quality), what fraction of used cameras sold will actually be plums (high quality)?
A. 10/25 B. 10/35 C. 25/35 D. None of the cameras sold will be plums.