In 2010, which of the following was true regarding the extremely large deficits that the United States recently encountered?
A. Most politicians and economists argued that the deficit had to be reduced.
B. Most politicians argued that the deficit had to be reduced but economists cautioned against this course of action.
C. Most economists argued that the deficit had to be reduced but politicians cautioned against this course of action.
D. Both politicians and economist cautioned against deficit reduction.
Answer: B
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Consider the budget line in the above figure. If the consumer's income is $240, then the price of a book is
A) $20 per book. B) $24 per book. C) $12 per book. D) More information is needed to determine the price of a book.
If the government wishes to increase GDP by $1,200b, and the MPC is 0.75, it should:
A. increase its spending by $300b. B. decrease its spending by $900b. C. increase its spending by $900b. D. decrease its spending by $300b.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Boeing does not manufacture all the components of the Dreamliner at its own factory in the United States because? _________.
a. Being wants to provide as many jobs as possible around the world b. Workers around the world have better skills than American workers c. Being pays lower taxes when it imports components d. Being wants to produce the Dreamliner at the least possible cost. To do so Boeing buys from the firms that have the lowest costs for delivering the components