Government expenditures on goods and services include
i. the New York City Library's purchase of new books.
ii. Washington D.C.'s purchase of gas for its city buses.
iii. California's payment of wages to prison guards.
A) i and ii B) i and iii C) i, ii and iii D) i only E) ii and iii
C
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A Phillips Curve that has a negative slope is consistent with
A) a constant price level. B) constant velocity. C) an upward sloping aggregate supply curve. D) a vertical aggregate supply curve.
Macroeconomic theory can be helpful to business managers, because:
a. It is like a crystal ball showing the future. b. It can reduce the odds of making bad decisions and increase the odds of making goods ones. c. It shows how the future is rather predictable, and by using these tools, countless riches can be made. d. It has been shown to be a highly accurate way of forecasting economic activity. e. All of the above.
If we were on curve J, the lowest three quintiles received about _____% of income.
A. 20
B. 40
C. 50
D. 60
A country's government runs a budget deficit when which of the following occurs in a given year?
A) The amount of new loans to developing nations exceeds the amount of loans paid off by developing nations B) Government spending exceeds tax revenue C) The debt owed to foreigners exceeds the debt owed to the country's citizens D) The amount borrow exceeds the interest payment on the national debt E) Interest payments on the national debt exceed spending on goods and services