Inflation is
A. a rise in the price of every good and service.
B. a rise of exactly a specified percentage in the price of every good or service.
C. a rise in the average price level.
D. a rise in average prices of at least 10 percent a year.
C. a rise in the average price level.
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If real GDP declines for at least one-half year, the economy is experiencing a:
a. depression. b. decline. c. recession. d. growth recession. e. deflation.
The condition required for equilibrium to exist according to Keynesian analysis is that
a. foreign trade must be in balance. b. taxes must be equal to government spending. c. total planned injections must be equal to total planned leakages. d. employment must be full.
An increase in U.S. sales of movies to other countries raises U.S
a. exports and so raises the U.S. trade balance. b. exports and so reduces the U.S. trade balance. c. imports and so raises the U.S. trade balance. d. imports and so reduces the U.S. trade balance.
The way in which most persons pay their personal income tax is in the form of
A. quarterly payments throughout the year. B. annual payment by April 15. C. monthly payments as part of mortgage payments. D. payroll withholding during the year.