In which of the decades below was the inflation-adjusted deficit largest?
A. The 1960s
B. The 1940s
C. The 1970s
D. The 1950s
Answer: B
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If there is no output for which product price is sufficient to cover variable costs
A) the firm should stay open in the short-run. B) the firm should shut down in the short run. C) the firm earns economic profits by staying open. D) the firm should increase production.
Money evolved out of the self-interested actions of
A) economists. B) governments. C) a few kings and queens. D) individuals.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. Consumer expectations that the price of X will rise sharply in the future will:
A. increase D, decrease P, and increase Q. B. increase D, increase P, and increase Q. C. increase S, increase P, and increase Q. D. decrease S, increase P, and increase Q.
Injections include all of the following except
A. Investment. B. Saving. C. Exports. D. Government spending.