From 1970 to 1997, the federal government ran a _____ and the state and local governments combined ran a ____.
A. deficit; deficit
B. surplus; surplus
C. surplus; deficit
D. deficit; surplus
D. deficit; surplus
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An equilibrium occurs in a game when
a. price equals marginal cost b. quantity supplied equals quantity demanded c. all independent strategies counterbalance all determinate strategies d. all players follow a strategy that negates the strategies of at least one other player e. all players follow a strategy that they have no incentive to change
By comparing the world price of pecans to India's domestic price of pecans, we can determine whether India
a. will export pecans (assuming trade is allowed). b. will import pecans (assuming trade is allowed). c. has a comparative advantage in producing pecans. d. All of the above are correct.
In the United States, where there is a permanent increase in the money supply, exchange rate overshooting is caused in part by:
a. higher domestic interest rates. b. an appreciation of the dollar. c. lower foreign interest rates. d. a depreciation of the dollar.
An aggregate supply (AS) curve depicts the relationship between
What will be an ideal response?