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).
c
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In the United States in 2014, about ________ of uninsured people live in families in which at least one member has a job
A) 12%. B) 38%. C) 70%. D) 98%.
If there is a positive demand shock, which of the following would represent the most likely short and long-run outcomes? (Assume the economy was initially at full employment)
a. In the short run, real GDP and the price level would increase; in the long run, real GDP would return to its original level while the price level would rise even further. b. In the short run, real GDP and the price level would increase; in the long run, real GDP and the price level would return to their original level. c. In the short run, real GDP would increase and the price level would decrease; in the long run, real GDP would return to its original level while the price level would rise even further. d. In the short run, real GDP and the price level would decrease; in the long run, real GDP would return to its original level while the price level would rise even further. e. In the short run, real GDP and the price level would increase; in the long run, real GDP would increase while the price level would return to its original level.
A recessionary gap refers to the gap between real GDP and potential GDP when the level of output is above the level of potential GDP
a. True b. False Indicate whether the statement is true or false
In the presence of ________ externalities, too much of the good is produced and in the presence of ________ externalities, too little of the good is produced.
A. positive; negative B. positive; no C. negative; positive D. no; negative