The stimulus package proposed in 2009 by newly-elected President Obama included
A. rapid contraction of the overall size of the federal government as a share of GDP.
B. a combination of tax changes and significant increases in federal government spending.
C. reduced levels of federal government aid to state and local governments.
D. reduced income tax rates for high-income individuals.
Answer: B
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Ceteris paribus, an increase in the government's budget deficit will increase the current account deficit
Indicate whether the statement is true or false
_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing
a. Reasoning b. Parametric determinism c. Rational ignorance d. Bounded rationality e. Dynamic inconsistency
Perfect competition is the term used to describe:
a. an industry in which a few price-taking firms produce identical products b. an industry in which numerous price-taking firms produce identical products. c. an industry in which firms are price takers and compete for market share by varying the qualitative characteristics of products. d. an industry in which numerous firms are price makers and produce identical products.
A country recently had a trade deficit of 350 billion euros. Its residents also purchased 400 billion euros of foreign assets. What was the value of this country's assets purchased by foreigners?