The main reason that President Clinton was forced to revise his campaign promise to cut taxes was that, in 1993, he faced a large
A. balance of payments surplus.
B. balance of payments deficit.
C. federal budget deficit.
D. federal budget surplus.
Answer: C
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A mechanism for reallocating risk is:
A. risk premiums. B. dividend pooling. C. diversification. D. All of these are mechanisms for reallocating risk.
Membership in the Federal Reserve System
A. is limited to national banks. B. is limited to state banks. C. is required of national banks and open to state banks. D. is forbidden to state banks.
A reduction in nominal wages will cause which of the following?
A. a shift of both the short-run and long-run aggregate supply curves B. a leftward shift in the short-run aggregate supply curve C. a movement along the short-run aggregate supply curve D. a rightward shift in the short-run aggregate supply curve
Economic systems should only be judged on efficiency.
Answer the following statement true (T) or false (F)