In a business cycle, a peak represents the end of
A. a trough.
B. a recession.
C. a depression.
D. an expansion.
Answer: D
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Which of the following is an example of an external cost?
A) a grove of trees planted in a park in Seattle B) a library built in Philadelphia C) a new, faster computer chip D) an oil spill off the coast of South America E) a student graduating from college
Which of the following is true of the federal budget process in the U.S.? a. Congress must approve a budget with at least a two-thirds majority vote
b. The federal budget must be balanced each year because the volume of international trade reduces if the government has a surplus or a deficit. c. Most federal outlays are determined by existing laws. d. Congress approves a budget that separates the capital budget and the operating budget. e. Detailed budgeting allows the party in power to reward supporters.
A country's standard of living can be calculated by dividing the goods and services its people have by
A. social services. B. population. C. output. D. total production.
? A decrease in nominal incomes cause a:
A. ?rightward shift in the short-run aggregate supply curve. B. ?leftward shift in the short-run aggregate supply curve. C. ?rightward shift in the long-run aggregate supply curve. D. ?leftward shift in the long-run aggregate supply curve.