Which of the following programs is off-budget?
A. Medicare
B. Defense
C. Student loans
D. Interest on the debt
Answer: A
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Real GDP per person is slowly converging around the world
Indicate whether the statement is true or false
Compare the MPSs in Canada and the U.S. If it is 0.50 in Canada and 0.20 in the U.S., then
a. the income multiplier is smaller in the U.S. and the same change in aggregate expenditure in Canada and the U.S. creates a larger change in national income in theU.S. than it does in Canada b. the income multiplier is larger in the U.S. and the same change in aggregate expenditure in Canada and the U.S. creates a smaller change in national income inthe U.S. than it does in Canada c. the income multiplier is larger in the U.S. and the same change in aggregate expenditure in Canada and the U.S. creates a larger change in national income in theU.S. than it does in Canada d. the income multiplier is smaller in the U.S. and the same change in aggregate expenditure in Canada and the U.S. creates a smaller change in national income inthe U.S. than it does in Canada e. the income multiplier is larger in the U.S. but the same change in aggregate expenditure in Canada and the U.S. creates the same change in national income inthe U.S. as it does in Canada
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Which of the following represents a long-run adjustment?
A. A farmer uses an extra dose of fertilizer on his corn crop. B. Unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants. C. A steel manufacturer cuts back on its purchases of coke and iron ore. D. A supermarket hires four additional clerks.