When (if at all) are budget deficits inflationary?
a. when AS is perfectly horizontal
b. when AS has a very steep slope
c. when AS has a downward slope
d. when AS intersects AD
b
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Choose the letter of the curve in Figure 1.2 that best represents a production possibilities curve for two goods for which there are constant opportunity costs:
A. A. B. B. C. C. D. D.
Give an example of something that is scarce in your life and explain the choices you've made because of scarcity.
What will be an ideal response?
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. Panama has a comparative advantage in:
A. hats. B. gloves. C. both hats and gloves. D. neither hats nor gloves.
President Obama signed legislation that pumped $787 million worth of federal spending and tax cuts into the economy.
Answer the following statement true (T) or false (F)