Prior to 2009, Federal Spending as a percentage of GDP had peaked in
A. 2005.
B. 1973.
C. 1982.
D. 1976.
Answer: C
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The purchase of French wine by U.S. consumers will be accounted as:
a. a deficit in the services account. b. a credit in the merchandise account. c. a debit in the services account. d. a surplus in the services account. e. a debit in the merchandise account.
Economists believe that the same explanation for the rapid growth of costs applies to services, theatrical performances and restaurant meals
a. True b. False Indicate whether the statement is true or false
When demand is inelastic, an increase in price leads to:
A an undetermined change in expenditures. B a decrease in total expenditures. C no change in total expenditures. D an increase in total expenditures.
Which of the following factors will shift AD1 to AD3?
A. An increase in expected returns on investment
B. An increase in productivity
C. A decrease in real interest rates
D. A decrease in consumer wealth