If Kevin's children run a lemonade stand for a day and sell 200 glasses of lemonade at $0.50 each, their total revenues are
a. $100.
b. $199.50.
c. $200.
d. $400.
a
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The military is not a perfectly competitive market because
A) there is only one buyer, i.e., the government, for military goods/services. B) there is imperfect information, i.e., intelligence branches. C) there are heterogeneous goods/services because each military branch provides different goods/services. D) All of the above
Define the following terms and explain their significance to the study of macroeconomics:
a. fiscal policy b. transfer payments c. effect of income taxes on the multiplier d. supply-side tax cuts
The U.S. merchandise trade balance has been in surplus over the last 20 years
Indicate whether the statement is true or false