Refer to Figure 13-4. Given the economy is at point A in year 1, what will happen to the unemployment rate in year 2?
A) It will remain constant. B) It will rise.
C) It will fall. D) not enough information to answer the question
B
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Economic theory predicts
A) balanced budgets are impossible to achieve through a democratic political process. B) budget surpluses are impossible to achieve through a democratic political process. C) budget deficits are likely to occur through a democratic political process. D) the absolute size of the budget will be systematically reduced in the long run through democratic political processes.
For a good to be scarce, it must be something that
a. has economic value. b. people find useful. c. is available only in limited quantities. d. All of these.
Which of the following would encourage domestic producers to compete internationally?
a. Tax increases b. Policies that make domestic sales more attractive c. Cash payments d. Expropriation e. High-interest loans
For every choice a person makes it can be assumed that
A) the chooser has full knowledge of the situation. B) some opportunity cost was involved. C) there is a fifty-fifty chance the choice was the wrong one. D) a good is involved and satisfaction is gained.