During the late 1980s and early 1990s, most of the budget deficits were accounted for by
a. the decline of foreign investment in the United States.
b. the downturn in the economy.
c. deliberate fiscal policy changes.
d. All of the above are correct.
c
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The price paid by a tenant to rent an apartment most closely reflects the cost to the
A) landlord of constructing (or purchasing), maintaining, and operating the apartment. B) landlord of not renting to someone else. C) society of the opportunities thereby forgone. D) tenant of finding an alternative place to live.
If Y = income, G = government spending, T = autonomous taxes, and t = income tax rate, then the government budget deficit can be expressed as
A) G - T/Y(t). B) G - T. C) Y + G - T - ty. D) G - T - ty.
Currency consists of
A) only coins minted by the U.S. Treasury. B) only Federal Reserve notes. C) coins minted by the U.S. Treasury and Federal Reserve notes. D) coins, Federal Reserve Notes and traveler's checks.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, Tom could have:
A. (16 dishes, 4 fences) or (8 dishes, 2 fences). B. (8 dishes, 2 fences), or (4 dishes, 6 fences). C. (8 dishes, 2 fences), or (4 dishes, 3 fences). D. (12 dishes, 3 fences), or (8 dishes, 3 fences).