In inflation-adjusted terms, the largest deficits in the twentieth century
A. resulted from World War II.
B. were caused by huge tax cuts in the 1980s.
C. resulted from the Vietnam War.
D. resulted from spending increases in the 1990s.
Answer: A
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For a perfectly competitive firm, the market price of a good is
A) a given which the firm cannot change. B) determined by the firm in order to maximize its profit. C) equal to the firm's marginal revenue. D) Answers A and B are correct. E) Answers A and C are correct.
If the U.S. economy is experiencing falling price levels, the
A. expenditure schedule will shift downward. B. expenditure schedule will shift upward. C. slope of the expenditure schedule increases. D. slope of the expenditure schedule decreases.
In Figure 4-5 above, people would be trying to increase their holdings of money at
A) points A and E. B) points B, E, and C. C) point A. D) points A and B. E) point D.
If the U.S. price level increases relative to price levels in foreign countries, _____
a. the aggregate supply curve for the U.S. will shift outward and the aggregate demand curve would remain unchanged b. the aggregate supply curve for the U.S. will shift inward and the aggregate demand curve would remain unchanged c. the aggregate demand curve for the U.S. will shift outward and the aggregate supply curve would remain unchanged d. the aggregate demand curve for the U.S. will shift inward and the aggregate supply curve would remain unchanged e. both the aggregate demand and the aggregate supply curves for the U.S. will shift outward