Which is assumed to be most limited in scope under a market system?
A. Freedom of choice.
B. Government.
C. Competition.
D. Freedom of enterprise.
Answer: B
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
A tax is structured so that people with the same income pay the same percentage of their income in taxes is called a (an):
a. excise tax. b. flat tax. c. progressive tax. d. regressive tax.
The World Health Organization (WHO) reporting guidelines have established a strict definition of a live birth. It includes:
a. infants with gestational age greater than 28 weeks. b. infants who breathe or show signs of life. c. infants with birth-weight greater than 1,000 grams. d. infants who have length of survival of more than 24 hours.
Automatic stabilizers are so-named because
A. the policy suggestions of the Council of Economic Advisors are automatically followed. B. they occur automatically when real GDP changes. C. the policy suggestions of the Office of Management and Budget are automatically followed. D. they are automatically undertaken by the Federal Reserve Bank to reduce budget deficits.