As a percentage of potential GDP, the largest actual budget deficit occurred in which year?
A. 2015.
B. 2007.
C. 2001.
D. 2009.
Answer: D
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Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will
A) decrease. B) perhaps increase, decrease, or stay the same, but more information is needed to determine which it does. C) stay the same. D) increase. E) definitely either stay the same or decrease.
If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
A decrease in the interest rate due to an increase in the supply of loanable funds is referred to as the __________ effect
A) expectations B) liquidity C) income D) a and c E) a, b and c
The theory of ________ assumes that individuals will use all information available to them to form the most accurate possible expectations about the future.
A. naïve expectations B. Keynesian economics C. rational expectations D. adaptive expectations