The automatic budget surpluses and budget deficits that occur in the federal budget over the business cycle
A) stabilize the economy. B) destabilize the economy.
C) decrease potential GDP. D) increase potential GDP.
A
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According to the text, _________ is a good example of positive institutional change and _________ is an example of destructive institutional change in regard to economic and political institutions.
a. Atlanta, Detroit b. China, Zimbabwe c. Mexico, New Zealand d. Indiana, Missouri
The price elasticity of supply equals the percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) supply divided by the percentage change in the demand. E) quantity supplied divided by the percentage change in the quantity demanded.
Which of the followings does NOT describe the money market in the ISLM model?
A) money demand function B) investment function C) money market equilibrium condition D) money supply
The market value of all final goods and services in an economy produced by resources owned by people of that economy, regardless of where the resources are located, is
a. gross domestic product b. gross national product c. net national product d. national income e. gross private domestic investment