One of the consequences of inflation between 1950 and the 1970s was ________
A) a large increase in the federal deficit as a percentage of GDP
B) a relaxation of the government budget constraint
C) an increase in the dependency ratio
D) a reduction in the ratio of debt to GDP
D
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The present value of a given payment in the future ________ when the interest rates fall
A) decreases B) reverts to the original value C) increases D) remains the same
Alternative fuels become more economically viable as:
A. the demand for oil decreases. B. subsidies for alternative fuels are removed. C. oil exploration and drilling technology improve. D. the price of oil rises.
According to the Laffer curve, increases in the tax rate will lead to a(n)
A) steady decrease in tax revenues. B) steady increase in tax revenues. C) initial decrease in tax revenues and then an increase in tax revenues. D) initial increase in tax revenues and then a decrease in tax revenues.
Each of these is a category of C except
A. durables. B. nondurables. C. residential construction. D. services.