Much of each year's federal budget is considered "uncontrollable" because
A. Most of the current revenues and expenditures are the result of decisions made in prior years.
B. It is determined by decision makers who do not have the power to change spending and taxes.
C. It must be spent for purchases, as opposed to transfer payments.
D. None of the choices are correct.
Answer: A
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When a country's nominal exchange rate depreciates, the price of
A) that country's goods abroad increases. B) that country's goods abroad decreases. C) foreign goods sold in the country decreases. D) that country's goods produced and sold at home decreases.
An efficient economy:
a. uses available resources fully. b. uses the best division of labor. c. produces an output combination at some point along the production possibility curve. d. all of these.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
Over the last 100 years in the United States, unemployment reached its highest rate
A. in the 1930s. B. in the 1970s. C. in late 2010s. D. in the 1920s.