When the federal government is running a budget deficit,
a. government revenues exceed government expenditures.
b. government expenditures exceed government revenues.
c. the economy must be in an economic recession.
d. the size of the national debt will decline.
B
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Which of the following accurately measures the welfare or happiness of society?
A) Nominal GDP B) Real GDP C) Both Nominal GDP and Real GDP D) None of the above.
Once a Nash equilibrium has been found in a game:
A. a stable outcome is impossible. B. the players have no incentive to change their choice. C. the players always have an incentive to change their choice. D. no one in the game can be made better off.
An increase in the value of the dollar will __________ exports and __________ imports.
Fill in the blank(s) with the appropriate word(s).
Economists at the Bureau of Economic Analysis are collecting data for the quarterly GDP reporting, which will indicate the health of the economy. The time the Federal Reserve must wait for economic data to be collected, processed, and reported is known as the:
a) information lag. b) recognition lag. c) decision lag. d) implementation lag.