The budget deficits of the 1980s and early 1990s differ from others in the post-World War II era in that they were
A. a result of the Fed rather than a change in fiscal policy.
B. temporary rather than structural, and pose no threat to the economy.
C. not contracted to fight a war or end a recession.
D. contracted as part of a program to plan the economy.
Answer: C
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If all actions are known to all then there is
A) a focused economy. B) a negative externality. C) transparency. D) a dictatorship.
An increase in the price of a resource would cause: a. producers to substitute other inputs for the resource
b. consumers to substitute other products for goods that increase in price as the result of the higher resource price. c. an increase in the demand for products that use the resource intensely. d. both (a) and (b) to occur.
Combinations of goods outside the production possibilities curve
a. are unattainable given society's technology and resources b. are combinations that have already been consumed c. go beyond basic necessities d. result from involuntary unemployment e. are the result of economic recessions
Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were
A. the world's first universal public education system. B. a large agricultural surplus. C. entrepreneurial abilities of great industrialists. D. all of the choices are true.