According to the text, which of the following consequences could we predict most confidently if the federal government was effectively required, by a constitutional amendment,
to match expenditures and tax revenues (balance the budget) in each fiscal year?
A) An end to discretionary fiscal policy
B) An end to efforts to manipulate the economy for partisan political purposes
C) Frequent and sudden changes in previously legislated tax rates and expenditure commitments
D) Less unemployment but more inflation
C
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Using the data in the table above, if the price of a stapler is $8, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a surplus; is greater than B) a surplus; is less than C) a shortage; is greater than D) a shortage; is less than E) neither a surplus nor a shortage; equals
A nation's average annual real GDP growth rate is 5%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
A. 14.4 years. B. 12.5 years. C. 10 years. D. 16.2 years.
GDP measured using current prices is called:
A. constant GDP. B. real GDP. C. deflated GDP. D. nominal GDP.
The money income of households consists of all the following, except:
A. Wages B. Profits C. Interest D. Revenues