The federal government's revenue has declined steadily relative to GDP since 1960

a. True
b. False


B

Economics

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Suppose the population of a fictional economy falls into the following categories: 320 are employed full time; 110 are employed part time; 20 are unemployed but are actively looking for employment; 50 are unemployed and are not actively looking for

employment. The official unemployment rate as calculated by the BLS would be A) 4.4%. B) 5.9%. C) 14.0%. D) 28.9%.

Economics

For the polynomial regression model,

A) you need new estimation techniques since the OLS assumptions do not apply any longer. B) the techniques for estimation and inference developed for multiple regression can be applied. C) you can still use OLS estimation techniques, but the t-statistics do not have an asymptotic normal distribution. D) the critical values from the normal distribution have to be changed to 1.962, 1.963, etc.

Economics

If the demand curve faced by an individual firm is perfectly elastic, the firm must be a(n)

A. pure monopoly. B. monopolistically competitive firm. C. oligopolistic firm. D. perfectly competitive firm.

Economics

The inability to monitor the risky behaviors of people creates the ______.

a. moral hazard b. lemon problem c. tragedy of the commons d. adverse selection

Economics