The budget deficit/surplus projections for 2003 that were made in 2000 were wrong, because there was an
A. anticipated increase in immigration.
B. anticipated increase in defense spending.
C. unanticipated increase in interest rates.
D. unanticipated recession.
Answer: D
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All of the following are characteristics of monopolistic competition EXCEPT
A) a few firms dominate the industry. B) product differentiation. C) many firms in the industry. D) advertising.
Table 5.1Refer to Table 5.1. A change in the price of hamburgers caused the change in quantity demanded shown in the table. The price elasticity of demand for hamburgers (calculated using the initial value formula) is:
A. 0.25. B. 0.50. C. 1. D. 1.75.
The health care system in ________ is referred to as socialized medicine, under which the government owns most of the hospitals and employs most of the doctors
A) Canada B) Japan C) the United Kingdom D) the United States
If aggregate planned expenditures exceed real GDP, then
A) inventories increase above their planned levels and businesses decrease their production. B) inventories decrease below their planned levels and businesses decrease their production. C) there is no equilibrium level of real GDP. D) unplanned inventory changes equal zero. E) inventories decrease below their planned levels and businesses increase their production.