A structural budget deficit
A) appeared during the Vietnam War era from 1966-68.
B) appeared after 1982 due to tax cuts and spending increases.
C) peaked at 5 percent of GDP in mid-1986 and had become a structural surplus by 1997.
D) all of the above.
D
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In the above figure, the break-even output and price is
A) $9 and 14. B) $13 and 14. C) $11 and 16. D) $10 and 17.
Since classical economists believe that both V and Q are constants for an economy in short-run equilibrium, the equation of exchange becomes a theory in which:
a. the quantity of money explains prices. b. the quantity of money explains velocity. c. the quantity of money explains real GDP. d. changes in M cause changes in V. e. prices are never flexible
For the average person, insurance is
A. not a gamble. B. a useless option. C. a fair gamble. D. an unfair gamble.
The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. 1 Pound of Bread1 Gallon of WineCapital Input5 units20 unitsLabor Input4 units10 units Following the opening of trade, Country A would probably
A. import both goods. B. export bread and import wine. C. export both bread and wine. D. export wine and import bread.