Budget deficits are appropriate during
A. recessions, but not inflations.
B. inflations, but not recessions.
C. recessions and inflations.
D. neither recessions nor inflations.
A. recessions, but not inflations.
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The central bank for the United States is
A) the Congressional Bank. B) the Federal Reserve System. C) Chase Manhattan Bank. D) First National Bank of New York.
In a market with an external cost, government action
A) cannot decrease the amount of the deadweight loss from the external cost. B) can sometimes help to achieve an efficient outcome. C) cannot alter firms' cost curves. D) Both answers A and C are correct. E) Both answers B and C are correct.
In periods when prices are falling, on average,
A) real GDP will grow as fast as nominal GDP. B) real GDP will grow slower than nominal GDP. C) real GDP will grow faster than nominal GDP. D) one cannot calculate real GDP.
Statistics show that the ________ a country is, the ________ is the share of agricultural output in its total output.
A. less populated; smaller B. more developed; larger C. more populated; smaller D. more developed; smaller