The difference between what a government spends and what it collects in taxes in a year is
A. the government budget deficit or surplus.
B. net revenue.
C. the government debt.
D. net taxes.
Answer: A
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The percentage of the people of working age who have jobs is called the ________
A) labor force B) inverse of the unemployment rate C) employment-to-population ratio D) employment-to-working-age-population ratio
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
Refer to the graph below showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed does diminishing marginal returns set in?
A. A
B. B
C. C
D. D
At the interest rate r, the price of a depletable natural resource three years from the present (price in present = P) will be, everything else being equal, which of the following?
A. 3P B. P3 C. P(1 + r)3 D. 3P(1 + r)3