The budget deficit or surplus is:
A. well defined and straightforward to measure.
B. difficult to measure and can be defined legitimately in several ways.
C. so arbitrarily defined that it is meaningless.
D. well defined but frequently distorted by creative but improper accounting practices.
Answer: B
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The market for airplane service on a particular route is a commonly cited example of
a. resale price maintenance. b. monopolistic competition. c. the benefits of vertical integration. d. a contestable market.
Which of the following is a labor resource?
A. a computer B. a computer programmer C. a piece of software used by a firm D. silicon (sand) used to make computer chips
Which of the following tends to make aggregate demand shift further to the right than the amount by which government expenditures increase?
a. the crowding-out effect b. the multiplier effect c. the exchange-rate effect d. the interest-rate effect
If beginning stocks for 2014/2015 are adjusted upward in the May (2014) WASDE report, then the estimate of the supply of corn for 2014/15:
a. Is decreased b. Is increased c. Is not affected by the adjustment