Those who are concerned about balanced budget amendments typically argue that balanced budget amendments
A) cause interest rates to be higher than they otherwise would be.
B) would make fluctuations in output around the natural level of output greater.
C) would increase spending in a recession.
D) would reduce national saving.
B
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Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. better education, health and life expectancy. B. poverty, depletion of nonrenewable resources, and congestion. C. crime, pollution, and economic inequality. D. unemployment, availability of goods and services, and better education.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Goods with few available substitutes tend to have inelastic demand curves
a. True b. False Indicate whether the statement is true or false
Many people argue against increasing the minimum wage because it would result in increased unemployment. Which of the following best explains this argument? A higher minimum wage rate would
a. increase the supply of labor while decreasing the demand for labor b. decrease the supply of labor while increasing the demand for labor c. increase the quantity supplied of labor while decreasing the quantity demanded of labor d. decrease the quantity supplied of labor while increasing the quantity demanded of labor e. increase the supply of labor while decreasing the cost of labor