Refer to Scenario 21-1. Based on the information above, what is the level of public saving?
A) $0 B) $1 trillion
C) $2 trillion D) negative $1 trillion (a deficit of $1 trillion)
D
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Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
The statement "A tax cut would be the fairest way to stimulate the economy" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?
A. $10.5 trillion B. $9.5 trillion C. $9.0 trillion D. $10.0 trillion
If an observed correlation is unlikely to be due to sampling error it has ______.
A) statistical significance B) practical significance C) reliability D) validity