The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$1,100$1,000$10,00021,2501,40010,20031,4501,45010,50041,6001,50010,90051,8001,55011,200Refer to the above data. What year is the budget deficit $250 billion?
A. Year 2
B. Year 5
C. Year 3
D. Year 4
Answer: B
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Everything else held constant, an increase in the liquidity of bonds results in a ________ in demand for bonds and the demand curve shifts to the ________
A) rise; right B) rise; left C) fall; right D) fall; left
In 2012, what percentage of total income in the U.S. was earned by the poorest fifth of all U.S. households?
a. 1.5% b. 1.8% c. 2.0% d. 3.2%
After graduating from college, Jim had three choices, listed in order of preference: (1) Move to Florida from Philadelphia, (2) work in a car dealership in Philadelphia, or (3) play soccer for a minor league in Philadelphia. His opportunity cost of moving to Florida includes
a. the benefits he could have received from playing soccer b. the income he could have earned at the car dealership c. both a and b d. cannot be determined from the given information
Disposable income is not:
A. total income minus taxes. B. what consumers base their buying decisions on. C. the amount consumers have to spend on goods and services. D. income before tax.