An annually balanced budget:
a. is the surest path to economic stability
b. is required by the U.S. Constitution.
c. dampens cyclical swings by decreasing government spending during expansions and increasing it during recessions.
d. accentuates cyclical swings by increasing government spending during expansions and reducing it during recessions.
e. is a goal that has only been achieved twice in the past 5 years.
d
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If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
A. $50,000. B. $30,000. C. $60,000. D. $15,000.
Which of the following is likely to have the smallest price elasticity of demand?
A) an automobile B) a new automobile C) a new Ford automobile D) a new Ford Mustang
Which of the following is true?
a. The U.S. has a mandated vacation policy, everyone gets 2 weeks b. There is a trend towards downshifting, opting for a simpler life or at least considering it c. Europeans generally have shorter vacations that North Americans d. The workforce in the U.S. is getting younger
How will firms react to rising output price levels? What reactions can they expect from their employees and suppliers over time?