Identify the incorrect statement about the U.S. federal deficit.
a. The U.S. is now the world's leading creditor
b. The U.S. borrows huge sums from abroad.
c. Some critics blame U.S. fiscal policy as reflected in the large federal deficits for the switch of the U.S. from creditor to debtor nation.
d. Japan and China are big buyers of U.S. Treasury securities.
e. The federal budget, on an average, had a deficit of 3.0 percent relative to GDP.
a
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Social Security is:
A. not purely a pension program, because some people receive more than they paid in. B. a means-tested public assistance program designed to assist the poor. C. a means-tested public assistance program designed to reduce income inequality. D. a pension program that returns benefits to participants equal to the amount paid in.
Suppose that a consumer purchases just two goods, X and Y. The ratio of the price of good X to the price of good Y is the:
A. Intercept on the Y axis of the budget line B. Intercept on the X axis of the budget line C. Size of the shift in the budget line D. Slope of the budget line
There is a bill pending before the Kansas State Legislature that would prohibit private companies from selling health insurance and would make the state the single payer of health care bills. Private health insurance companies that have made above normal profits have spent large sums of money trying to ________. This is an example of rent-seeking behavior.
A. prevent this bill from being passed into law B. pass an even more restrictive bill C. get this bill made into law D. fund the state for its single-payer system
Refer to the information provided in Table 23.2 below to answer the question(s) that follow.
Table 23.2
Refer to Table 23.2. The equation for the aggregate saving function is
A. S = -150 + 0.2Y. B. S = -100 + 0.1Y. C. S = -150 + 0.85Y. D. S = -100 + 0.15Y.