According to Congressional Budget Office (CBO) projections:
A. budget deficits are expected to give way to surpluses by the year 2017.
B. Social Security will become insolvent by 2017.
C. expiration of tax cuts in 2015 will cause the budget deficit to rise to record highs by 2017.
D. budget deficits are expected to remain large for the next several years.
D. budget deficits are expected to remain large for the next several years.
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Samuelson and Solow reasoned that when aggregate demand was low, unemployment was
a. high, so there was upward pressure on wages and prices. b. high, so there was downward pressure on wages and prices. c. low, so there was upward pressure on wages and prices. d. low, so there was downward pressure on wages and prices.
Suppose the total-revenue curve is derived from a particular linear demand curve. That demand curve must be
What will be an ideal response?
A reduction in the aggregate price level, P, will most likely have which of the following effects?
A) a rightward shift in the IS curve B) a leftward shift in the IS curve C) an upward shift in the LM curve D) a downward shift in the LM curve
What is measured on the vertical axis of the aggregate demand graph?
A. nominal income B. the price level C. real GDP per year D. unemployment