Between 1960 and 1997, the federal budget was never in surplus
a. True
b. False
Indicate whether the statement is true or false
False
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A key reason that most people did not anticipate the severity of the recession of 2007-2009 is that
A) they thought the Fed would reduce the target for the federal funds rate to a lower level. B) they did not believe that the federal government would actually bail out large financial institutions. C) they failed to see the financial crisis coming. D) they were more worried about rising inflation than about falling real GDP.
Which of the following statements is true?
a. An opportunity cost is what must be given up in order to get something else. b. The three fundamental economic questions refer to What to produce? How to produce? and When to produce? c. The term "investment" refers to the purchase of stocks and bonds and other financial securities. d. The law of increasing opportunity cost implies that as production of one type of good is expanded then fewer and fewer of other goods must be given up.
Which is especially useful for comparing data?
a. line graph b. bar graph c. pie graph d. circle graph
Each citizen in a small town suffers 5 units of irritation for each bushel of leaves burned in the town. The charge for hauling a bushel of leaves to the land fill is a fee equal to 20 units of irritation. There are 25 people in the town, each of whom minimizes personal irritation and has 10 bushels of leaves. Propose two solutions for the town that will lead to efficiency.
What will be an ideal response?