In a customs union, members remove all trade barriers among themselves and adopt a common set of external barriers.
Answer the following statement true (T) or false (F)
True
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In 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from ________ based on the state of the federal government's budget deficit
A) "A" to "D" B) "AAA" to "AA+" C) "A+" to "B+" D) "A" to "AAA"
Suppose total government spending is increased permanently by ten percent, with no change in tax rates. In the long run, the resulting deficit will disappear, ________
A) only if government spending is brought back down to the original level B) if economic growth raises tax revenue by ten percent C) if the government debt is sold to foreigners D) unless the money is spent entirely on government consumption
Which of the following is TRUE of an excise tax?
A) An excise tax is always a unit tax. B) An excise tax is levied on purchases of particular good or service. C) An excise tax is based on an individual's income. D) Imposing an excise tax shifts the market demand curve.
Which of the following will be considered a lagging indicator of the business cycle?
a. Money supply b. New building permits c. Unemployment duration d. Unemployment claims e. New plant and equipment orders