To move up the income ladder and achieve high-income status, countries must
a. have sustained economic growth.
b. restrict international trade.
c. encourage the production of consumption goods rather than investment goods.
d. maintain high inflation.
A
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When government spending exceeds government revenues during a given period of time
A) the national debt must be decreasing. B) a budget surplus exists. C) Congress is obliged to raise taxes. D) a budget deficit exists.
Which one of the following persons would be classified as unemployed by the Bureau of Labor Statistics?
What will be an ideal response?
If the Congress passes legislation to cut taxes to counter the effects of a severe recession, then this would be an example of a:
a. Nondiscretionary fiscal policy b. Contractionary fiscal policy c. Political business cycle d. Expansionary fiscal policy
Which of the following is expected to increase aggregate demand in the short run?
A. Deficit budget B. Surplus budget C. Zero based budget D. Balanced budget