Given a downward-sloping aggregate demand curve, if short-run aggregate supply increases, real GDP must increase and nominal GDP must fall.
a. true
b. false
b. false
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Using average cost pricing to regulate a natural monopoly creates a deadweight loss
Indicate whether the statement is true or false
It is useful to assume that there is a single representative consumer because
A) this is realistic. B) this is a useful abstraction if we are interested in problems where distribution effects are not important. C) this is the only model we know how to work with. D) a model with one consumer is the same as one with many consumers.
Death taxes, both state and federal, account for about _____ percent of total tax revenue
a. 1% b. 2% c. 3% d. 10%
If the government budget is balanced, and saving is greater than investment, then the
A. current account must be in surplus. B. current account must be in deficit. C. current account balance must be zero. D. capital account must be in surplus.