In 2009-2010 the federal government
What will be an ideal response?
financed approximately 40 percent of its expenditures through borrowing.
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Suppose consumers and business decision makers become more optimistic about the future, and aggregate expenditures increase. The most likely result is that:
a. real GDP and employment and income to decline. b. real GDP and employment rise. c. real GDP rises and employment falls. d. real GDP falls and employment rises.
According to Laffer (of the Laffer curve), the Kemp-Roth tax cut of 1981 should have caused
a. tax revenue to rise, and it did b. tax revenue to fall, and it did c. people to increase saving, and it did d. people to increase consumption spending, but it didn't e. tax revenue to rise, but it didn't
A decrease in the price of DVD players leads consumers to buy more DVD players. From this information we can conclude that DVD players
a. are normal goods. b. are inferior goods. c. are luxury goods. d. could be any of the above.
Points lying _____________ the production possibilities curve represent greater, but unachievable levels of output with current inputs, than that at any point on the curve.
a. inside b. along c. outside d. the midpoint of e. at the axis of