Which of the following equals the ratio of the change in total revenues over the change in output?
A) total cost
B) average revenue
C) demand
D) marginal revenue
Answer: D
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Which of the following statements about the public debt is TRUE?
A) It is equal to the budget deficit. B) It decreases when the government runs a budget deficit. C) It is a stock variable. D) all of the above
According to the Application, the argument that the broken window is good for society
A) works in the Keynesian world when the economy is operating below full employment. B) never works in the Keynesian or classical worlds regardless of where the economy is operating relative to full employment. C) works in the classical world when the economy is operating at full employment. D) works in both the Keynesian and classical worlds regardless of where the economy is operating relative to full employment.
Investment spending is countercyclical
Indicate whether the statement is true or false
Which of the following is the category to which the largest portion of households' personal income is allocated?
a. taxes collected by government b. savings c. purchases of services d. purchases of durable goods e. purchases of nondurable goods