During the twentieth century, the largest budget deficits as a percentage of GDP occurred
A) during the 1990s.
B) during the 1980s.
C) during the Vietnam war.
D) during World Wars I and II.
Answer: D
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A firm in perfectly competitive industry is maximizing profit at Q = 3,000 . Then its fixed cost increases. The profit-maximizing output is now
a. greater than 3,000 and profit decreases b. less than 3,000 and profit decreases c. greater than 3,000 and profit is unchanged d. equal to 3,000 and profit decreases e. equal to 3,000 and profit increases
If aggregate expenditures are less than real GDP, then:
a. both inventories and real GDP will decline. b. inventories will decline but real GDP will increase. c. inventories will increase and real GDP will decline. d. both inventories and real GDP will increase. e. inventories will increase but real GDP will remain unchanged.
The Doing Business As name identifies a company for:
a. Bank accounts b. Sales c. Patents d. None of these
In a capitalistic economy:
a. The government owns the means of production b. Markets can never be competitive c. Consumers can never be sovereign d. There is a reliance on the market system