Which of the following observations is true of the federal budget between 1960 and 2010?
a. The federal budget was in deficit in the early 1960s.
b. Between 1960 and 1970 the federal budget deficit reflected a sharp increase.
c. The federal budget was in surplus between 1970 and 1980.
d. The federal budget deficit was the highest in the late 1990s.
e. The federal budget deficit was lower than 600 billion dollars in 2010.
e
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The growth theory that predicts perpetual economic growth is
A) classical growth theory. B) neoclassical growth theory. C) the new growth theory. D) real growth theory.
The size of the deadweight loss generated from a tax is affected by the
a. elasticities of both supply and demand. b. elasticity of demand only. c. elasticity of supply only. d. total revenue collected by the government.
Taxes on specific goods such as cigarettes, gasoline, and alcoholic beverages are called
a. sales taxes. b. excise taxes. c. social insurance taxes. d. consumption taxes.
Suppose the current exchange rate between the U.S. dollar and the Mexican peso is $0.12 = 1 peso. Furthermore, suppose the price level in the United States rises 25 percent at a time when the Mexican price level is stable. According to the purchasing power parity theory, what will be the new equilibrium exchange rate?
A) $0.15 = 1 peso B) $0.09 = 1 peso C) $0.13 = 1 peso D) $0.08 = 1 peso