Which of the following is a reason why government debt is different from individual debt?
A. Government debt can be owed to foreigners, unlike the debt of individuals.
B. Government cannot create money to finance its debt.
C. Government has fewer sources of income to finance its debt than individuals.
D. Government is ongoing, individuals are not.
Answer: D
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Choose the letter of the diagram in Figure 16.1 that represents the Phillips curve.
A. a. B. b. C. c. D. d.
Ceteris paribus, which of the following would cause a decrease in the demand for HD TVs, a normal good?
A. decline in the price of HD TVs. B. increase in the price of HD TVs. C. increase in consumers' income. D. decrease in consumers' income.
In the Classical model, high unemployment ________.
A. occurred when the equilibrium GDP was too low B. could last for a long period of time C. would cause wages to fall D. required government intervention to reduce it
The longest and most severe recession in the United States since 1925 began in:
A. 1929. B. 1957. C. 1945. D. 1982.