When measured as a percentage of GDP, the U.S. national debt reached its highest levels as a result of:
a. World War II.
b. The Vietnam War.
c. The Reagan defense buildup and tax cut.
d. The Bush economic recovery program.
a
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Define induced expenditure and autonomous expenditure. Which expenditure items are induced expenditure and which are autonomous expenditure?
What will be an ideal response?
At McDonald's, economies of scale at the plant (or restaurant) level occur
a. over the range of output for which that restaurant's average cost curve is upward sloping b. over the range of output for which that restaurant's average cost curve is horizontal c. over the range of output for which that restaurant's average cost curve is downward sloping d. at all levels of output e. only in the short run
Three customers bought identical cellular phones this morning from Phil's Phone Shop. Amy bought one to call her mom and boyfriend. Brad's boss sent him to buy one to use to keep in touch with the office when he is out of his office. The local city
government had Cecilia, the town manager, buy one to receive calls while in the field. What are the different types of good classifications between the three cellular phones? Where will these purchases be recorded in GDP?
In 2010, which of the following was true regarding the extremely large deficits that the U.S. recently encountered?
a. Most politicians and economists argued that the deficit had to be reduced. b. Most politicians argued that the deficit had to be reduced but economists cautioned against this course of action. c. Most economists argued that the deficit had to be reduced but politicians cautioned against this course of action. d. Both politicians and economist cautioned against deficit reduction.