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)
False
The American Recovery and Reinvestment Act contained $787 billion in new spending and tax cuts.
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Which of the following is consistent with the circular flow of income?
I. Goods and services flow in one direction. II. Payments and incomes flow in one direction. III. Sellers receive less than what buyers spend. A) I only B) II only C) III only D) Both I and II
Exports are
A. Not included in GDP. B. Goods and services purchased from foreign sources. C. Goods and services produced by the public sector. D. Goods and services sold to international buyers.
The United States imports DVD recorders from China and China imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true that
A. the United States has comparative advantage in producing DVD recorders. B. the United States has comparative advantage in producing computer chips. C. the opportunity cost of producing DVD recorders in China is higher than that in the United States. D. the opportunity cost of producing computer chips in the United States is higher than that in China.
A graph of total fixed cost
a. is a downward sloping line. b. is a straight horizontal line. c. is an upward sloping line. d. has a U-shape.