Which of the following events occurred during the 2000 to 2005 time-frame and had an important impact on the deficit/surplus projections?
A. The decrease in unemployment rates from 2002 to 2003
B. The increase in inflation rates from 2000 to 2002
C. The tax cuts of 2001 and 2003
D. The increase in interest rates from 2001 to 2003
Answer: C
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Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. For trade to be mutually beneficial for both countries, the terms of trade will be such that 1 computer will exchange for
A. Zero soybeans. B. More than 3 tons of soybeans but less than 5. C. Less than 1/5 of a ton of soybeans. D. More than 1/5 of a ton of soybeans but less than 1/3.
Rising healthcare costs are attributable to
A) people living longer and desiring more care. B) reliance on expensive technology to support and prolong life. C) third-party financing of healthcare costs. D) all of the above.
Most economists support open trade because it increase our choices as consumers, lowers costs for producers, increases competition and innovation, and leads to greater diffusion of technological change
Indicate whether the statement is true or false
When you purchase the lower-priced store brand bread instead of the more expensive name brand, you are experiencing
A) the substitution effect. B) the income effect. C) a fall in total utility. D) diminishing marginal product.