Which of the following statements is a positive economic statement?
A. The U.S. tax system always gives too much favor to rich people.
B. The President's budget included an increase in unemployment insurance payments.
C. The Congress should pass the president's tax package.
D. None of these
Answer: B
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The price of iPhones has fallen dramatically. Which of the following is likely to happen?
A) The quantity of iPhones supplied will increase. B) The supply of iPhones will increase. C) The quantity of iPhones supplied will decrease. D) The supply of iPhones will decrease.
To compare the real price of gas in 1975 to the real price in 2013, we need to know
A) the two prices in both years and the inflation rate in 2013. B) just the two nominal prices in both years. C) the two prices in both years and the two interest rates in both years. D) the two prices in both years and the CPI in both years. E) the two prices in both years and the two inflation rates in both years.
As of 2013, the outstanding U.S. currency is more than $1 trillion, which suggests that the typical U.S. citizen holds $3,600 in cash. Is this an accurate inference? Why?
A) Yes; because dividing total currency by total U.S. population roughly works out to $3,600 per person. B) No; because criminals and foreigners hold large sums of dollars, so the average citizen holds far less. C) No; because the average citizen probably does not have $3,600 in her checking account. D) Yes; because the Fed rarely makes accounting mistakes when computing M1. E) none of the above
What is the difference between government deficit and government debt?