World War II created a:
A. smaller budget surplus.
B. smaller budget deficit.
C. budget surplus.
D. budget deficit.
Answer: D
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Distinguish between the short run and the long run
What will be an ideal response?
The United Auto Workers union is largely responsible for the historically high pay of American auto workers by negotiating pay raises above those obtained by workers in other industries. In addition to increasing the pay of auto workers, what other long-run effect would this high pay have on the use of auto workers?
What will be an ideal response?
Demand price elasticity is measured by the:
a. percentage change in income / percentage change in price. b. percentage change in quantity demanded / percentage change in income. c. percentage change in price / percentage change in quantity demanded. d. percentage change in quantity demanded / percent change in price. e. percentage change in total revenue / percentage change in price.
Government assistance to the poor in the United States
A. has eliminated poverty in the nation. B. is available to all persons whose income is below the poverty income threshold. C. is available in most cases only to the poor who are elderly, disabled, or families with children. D. is always in the form of cash.