Longer-term forecasts of the U.S. budget, a decade or more into the future, predict
a. small surpluses.
b. enormous surpluses.
c. small deficits.
d. enormous deficits.
d. enormous deficits.
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What is measured on the vertical axis of the aggregate demand graph?
A) unemployment B) nominal income C) the price level D) real GDP per year
Nations with low levels of GDP per capita may converge to richer nations if
A) nations with high levels of income experience a continuously increasing growth rate. B) nations with lower levels of income grow more quickly than those with higher levels of income. C) nations with lower levels of income grow more slowly than those with higher levels of income. D) nations with lower levels of income spend less on investment.
If the reserve ratio is 20 percent, then the money multiplier is approximated to be:
A. 20. B. 5. C. 10. D. 2.
When public choice economists look at labor markets, they:
A. see individuals lobbying politicians to protect their monopolies. B. generally see supply and demand forces leading to equilibrium. C. capture the same aspects of reality that are captured by other economists. D. focus on the tensions among social classes and generally see exploitation of workers by capitalists.