Our balance of trade is part of our ________________.
Fill in the blank(s) with the appropriate word(s).
balance of payments
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The wealth effect helps explain what feature in the aggregate demand and aggregate supply model?
The prevalent welfare policy is to
A. provide vocational training for welfare recipients, so that they can be self-supporting. B. provide government and private sector employment for those leaving the welfare rolls. C. to basically force welfare recipients to leave the welfare rolls. D. to allow welfare recipients to continue receiving benefits as long as there are children under six years of age in the family.
One advantage of automatic stabilizers over discretionary fiscal policy is that automatic stabilizers
A. have a greater multiplier effect than discretionary fiscal policy. B. are not subject to the timing problems of discretionary fiscal policy. C. do not produce a cyclical deficit as discretionary fiscal policy does. D. make the actual budget a better reflection of the condition of the economy than the standardized budget.
Suppose that at the current level of output, price = $12, MC = $4, AVC = $7, and ATC = $11. Which of the following is TRUE?
A. The firm should decrease output. B. The firm should shut down. C. The firm should increase output. D. The firm should maintain the current level of output.