Indifference curves are drawn on a diagram with the
A) price of a good on the vertical axis and its quantity on the horizontal axis.
B) price of one good on the vertical axis and the price of another good on the horizontal axis.
C) quantity of a good on the vertical axis and its price on the horizontal axis.
D) quantity of one good on the vertical axis and the quantity of another good on the horizontal axis.
D
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Keynes believed in all of the following, EXCEPT
A. The ideas of economists and political philosophers are more powerful than is commonly understood. B. The problem with recessions was inadequate aggregate demand. C. Say's Law. D. There was absolutely nothing wrong with deficits during recessions and depressions.
The behavior of all households and firms together is called the business cycle.
Answer the following statement true (T) or false (F)
Which of the following statements is most correct?
A. A recession officially begins when unemployment exceeds 5.0 percent. B. There is no hard and fast definition of a recession. C. The official date of a recession is determined by the Federal Reserve Board, but usually with at least a three-month delay. D. A recession is officially defined as two consecutive quarters where the real growth rate is negative.
Most state governments in the United States operate under constitutional provisions that severely restrict expenditures financed by borrowing
Suppose this were to change, so that state governments' access to credit markets was no different from the federal government. What consequences would you predict for the nation's aggregate debt burden?