If we look at the federal government budget over the past 40 years we see that
A) most years the government budget has been balanced.
B) the government has been running a budget deficit since 1997.
C) only occasionally has the budget been in deficit.
D) most years the budget balance has not been calculated.
E) most years the budget has been in deficit.
E
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Under flexible exchange rates, the exchange rate is set by
A) the International Monetary Fund. B) the U.S. Federal Reserve's Board of Governors. C) the intersection of demand and supply curves in the currency markets. D) negotiations among central banks of the major industrial powers.
Instead of trying to balance the budget every year, it is easier to:
A. balance the budget over the business cycle. B. allow deficit spending only in times of economic downturn. C. allow surpluses to build during times of economic booms. D. All of these statements are true.
An appreciation in the U.S. dollar benefits which of the following groups of people?
a. All people living in the United States. b. U.S. producers who export farm equipment to other countries. c. U.S. consumers who buy imported automobiles. d. Foreigners who wish to travel to the United States. e. U.S. consumers who buy only goods made entirely in the United States.
Opponents of cigarette taxes often argue that tobacco and marijuana are substitutes so that high cigarette prices
a. encourage marijuana use, and the evidence supports this argument. b. encourage marijuana use, but the evidence does not support this argument. c. discourage marijuana use, and the evidence supports this argument. d. discourage marijuana use, but the evidence does not support this argument.