A budget deficit occurs when government receipts exceed government spending
a. True
b. False
Indicate whether the statement is true or false
False
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The circular flow shows that aggregate spending is larger than aggregate income because people save
Indicate whether the statement is true or false
After Ben Bernanke became chair of the Fed in 2006, he
A) increased Fed transparency. B) abandoned inflation targeting. C) used "just do it" policy. D) increased the opacity of the policymaking.
The demand for a good with many substitutes is: a. relatively elastic
b. relatively inelastic. c. perfectly inelastic. d. unit elastic.
Which of the following is true of standard economic analysis?
A. It characterizes a firm as a black box that transforms inputs to outputs. B. It applies basic economic tools to examine the effects of managerial decisions. C. It focuses on the internal architecture of a firm. D. It characterizes a firm as an organization that generates economic growth.