Compared to the national debts of major European countries as a percentage of national incomes, the U.S. national debt
a. is the largest.
b. is the smallest.
c. is at the lower end.
d. falls in the highest ten percent.
c. is at the lower end.
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Economists initially viewed the Phillips curve as a structural relationship, meaning that the relationship between the two measured variables
A) can change only slightly over time. B) can change greatly over time. C) will not change over time. D) will change in the short run but not in the long run.
The primary functions of money are
a. velocity, liquidity, and transactions b. speculative demand, measure of value, and precautionary demand c. a medium of exchange, a measure of value, and a store of value d. a store of value, heterogeneity, and a medium of exchange e. currency value, fiat value, and accepted value
The difference between the values of final production and value of the inputs is called:
a.? ?The gross product of the final goods and services b.? ?The value added of the final goods and services c.? ?The profit of the final goods and services d.? ?The surplus of the final goods and service
If expectations are formed rationally, wages and prices are not completely flexible in the short run, and policy is correctly anticipated, increases in aggregate demand will stimulate the economy to higher levels of Real GDP and lower levels of unemployment in
A) the short run or the long run. B) neither the short run nor the long run. C) the short run, but not in the long run. D) the long run, but in not the short run.