Which of the following statements about the budget deficit is true?
A) From 2007-2009, the federal budget was balanced.
B) In 2009, the budget deficit was a record $1.4 trillion.
C) In 2016, the federal budget was in surplus.
D) In 2017, the federal budget was balanced.
Answer: B
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A market economy answers the question "what" goods will be produced by focusing on a. dollar votes
b. least-cost method of production. c. who can afford these goods. d. none of the above
An increase in the price of oil shifts the
a. short-run Phillips curve right and the unemployment rate rises. b. short-run Phillips curve right and the unemployment rate falls. c. short-run Phillips curve left and the unemployment rate rises. d. short-run Phillips curve left and the unemployment rate falls.
Which of the following gives the best reason why the possibilities of today's economy are expanding?
A. Because the constraints that affect the economy change every day B. Because worldwide population continues to grow C. Because people are more enlightened today than in the past D. Because laws continue to change, making more activities legal
Refer to the information provided in Table 22.5 below to answer the question(s) that follow.Table 22.5Aggregate Income (Y)Aggregate Consumption (C) 6 12 12 15 24 22 42 30Refer to Table 22.5. Which of the following consumption functions best fits the values in the table?
A. C = 4 + 0.9Y B. C = 3 + 0.75Y C. C = 8 + 0.5Y D. C = 5 + 0.8Y