The federal budget deficit topped $250 billion for the first time in fiscal year ________.
Fill in the blank(s) with the appropriate word(s).
1991
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In a simple model of the economy, if the MPC is 0.8, the multiplier will equal
A) 0.2 B) 0.8 C) 1.25 D) 5
Which of the following would most likely cause the production possibilities curve for breadfruit and fish to shift outward from AA to BB in Figure 2-2?
a. a decrease in the labor force of the country b. a sudden change in consumer preferences for more fish and less breadfruit c. a major technological advance d. a decrease in the capital stock
Since its creation, what government entity has greatly reduced the number of bank failures by helping other banks take over the liabilities and assets of troubled banks, and thereby preventing loss of depositor funds?
a. the Federal Deposit Insurance Corporation b. the Federal Trade Commission c. the Federal Open Market Committee d. the Department of Commerce
According to the substitution effect, when the price of a good increases, consumers ______.
a. switch to another similar good b. buy less of it due to their budget constraints c. gain less utility from that good d. experience consumer equilibrium