The federal budget process begins when federal agencies submit their budget requests to the:
A. Treasury Department.
B. Council of Economic Advisors (CEA).
C. Office of Management and Budget (OMB).
D. Congressional Budget Office (CBO).
Answer: C
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Answer the following statements true (T) or false (F)
1. The circular flow of income does not take into consideration nonprofit institutions. 2. The total payment of resource income in the economy is equal to the value or cost (including profit) of the output. 3. GDP is not only the value of total output, but it also indicates the total spending of consumers, businesses, governments, and international traders on these goods and services. 4. The circular flow represents the total level of output and income. 5. In the circular flow, services rendered by the resource owners are compensated through payments of wages, rent, interest, and profits.
In perfect competition, changes in an individual firm's output will change the overall market price
a. True b. False Indicate whether the statement is true or false
In order for Ethiopia to increase its future economic growth, it must choose a point that is:
a. further along on its production possibilities curve toward the capital goods axis. b. above its production possibilities curve. c. below its production possibilities curve. d. further along on its production possibilities curve toward the consumption goods axis.
International trade under these conditions
Suppose Canada can produce either 120 units of goods, 80 units of services, or any linear combination thereof. Mexico can produce 90 units of goods, 50 units of services, or any linear combination thereof. a) cannot benefit either country b) can only benefit Mexico c) can only benefit Canada d) can benefit both countries if Canada exports goods and imports services e) can benefit both countries if Canada exports services and imports goods