President George W. Bush used part of the budget surplus inherited from the Clinton administration to:
A. fund tax cuts.
B. stimulate the economy that was slowing down following the end of the high-tech investment boom.
C. increase government entitlement spending.
D. both fund tax cuts and stimulate the economy that was slowing down following the end of the high-tech investment boom.
Answer: D
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Which of the following was not a component of the National Recovery Act (NIRA)?
a. Set minimum prices for goods. b. Set minimum wages. c. Set a minimum number of hours of work. d. Institute codes of fair practice for various industries.
When desired national saving equals desired national investment (in a closed economy), what market is in equilibrium?
A. The stock market B. The foreign exchange market C. The money market D. The goods market
Elizabeth Savoca estimated that for every 1 percent increase in tuition costs at a college, 2.4 percent fewer students applied to that college. This indicates that the elasticity of applying to college is:
A. unit elastic. B. elastic. C. perfectly inelastic. D. inelastic.
Absolute advantage is
A) the ability to produce a good or service at a higher opportunity cost than one's competitors. B) the ability to produce more of a good or service than competitors that have fewer resources. C) the ability to produce more of a good or service than competitors when using the same amount of resources. D) the ability to produce higher quality goods compared to one's competitors.