If a Balanced Budget Amendment to the U.S. Constitution were passed, during economic prosperity, such an amendment would
A. have no impact on the economy.
B. dampen those good times.
C. cause those good times to be even better.
D. throw the economy into a depression.
Answer: C
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In the case of a short-run production function:
A) all of the inputs are variable. B) the amount of labor employed is held constant. C) at least one of the inputs is fixed. D) all of the inputs are fixed.
If the price of bonds falls, the
a. demand for bonds will rise b. supply of bonds will fall c. supply of bonds will rise d. interest rate will rise e. interest rate will fall
A supply restriction that restricts the amount of a good that can be imported is a(n)
A. black market. B. import quota. C. white market. D. tariff.
Constructing the Phillips curve: __________ is measured on the vertical axis and __________ is measured on the horizontal axis
a. rate of inflation, rate of unemployment b. level of inflation, level of unemployment c. nominal GDP, real GDP d. aggregate demand, aggregate supply e. percent of automatic stabilization, percent of discretionary stabilization