In 2012, direct government purchases equaled ________ percent of federal outlays
A) 42
B) 71
C) 26
D) 55
C
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An outward shift in the entire production possibilities frontier
A. represents economic decline. B. means that previous levels of production are now unobtainable. C. means that the only way the economy can increase the production of one good is by producing less of an alternative good. D. represents economic growth.
The trick in graphing a Lorenz curve is that you must change the shares of income for each specific ___________ into cumulative income.
a. state b. quintile c. quartile d. percentile
Why do airlines often charge students and vacationers a lower price than business travelers?
a. It is cheaper to provide airline service to students and vacationers than to business travelers. b. The demand of business travelers is generally more elastic than the demand of students and vacationers. c. The demand of students and vacationers is generally more elastic than the demand of business travelers. d. Airlines prefer to deal with students and vacationers rather than business travelers.
The demand for money in an economy is high when the _____
Fill in the blank(s) with the appropriate word(s).