Before World War II, state and local government revenue comprised about
a. less than one-third of total government revenues.
b. 10% of total government revenues.
c. more than half of total government revenues.
d. 0% of total government revenues.
Answer: c. more than half of total government revenues.
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When the United States has a current account deficit, it must ______.
a. reduce the difference by increasing its unilateral transfers to foreigners b. finance the difference by importing more goods and services than it sells c. finance the difference by borrowing or by selling more capital assets than it buys d. increase the difference by borrowing or by buying more capital assets than it sells
A commercial bank has checkable-deposit liabilities of $50,000 and a required-reserve ratio of 20%. What is the amount of required reserves?
A. $10,000 B. $250,000 C. $1 million D. $50,000
As the output produced by a firm increases, the average fixed cost:
a. continues to decline. b. initially increases, and then declines. c. quickly drops to zero. d. becomes constant. e. declines and finally becomes negative.
Which of the following causes the production possibilities curve to shift to the right?
A. a famine B. a war C. the depletion of oil reserves D. the development of a new technology that improves productivity