Which of the following are justifications for running a budget deficit?
a. stabilizing the economy during a recession
b. future generations will benefit from some current expenditures
c. both a and b
d. neither a nor b
b
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Consumers ________ from a tariff because they pay a ________ price to producers so they purchase a ________ quantity of the good
A) lose; lower; smaller B) win; lower; larger C) win; higher; smaller D) lose; higher; smaller E) lose; higher; larger
The period of 1973 to 1980 can best be described as a time of
a. deflation. b. reflation. c. unflation. d. stagflation. e. disflation.
Which of the following does not cause exchange rate fluctuations?
a. Changes in relative international incomes. b. Changes in relative international expectations. c. Central bank interventions in the foreign exchange market. d. Changes in relative international tax rates. e. All of the above variables cause exchange rate fluctuations.
The figure below shows the supply and demand curves for oranges in Smallville.
At the price of $4 per pound, sellers offer ________ pounds of oranges per day, and buyers want to purchase ________ pounds of oranges a day.
A. 10; 20 B. 10; 30 C. 20; 20 D. 30; 10