Answer the following statements true (T) or false (F)
1. A budget deficit is another name for the public debt.
2. If the government runs a smaller budget deficit, then the public debt will decrease.
3. Only politicians, not the voters, are to blame for the problem of chronic budget deficits that many nations face.
4. Voters' preference for having government programs serve them is inherently in conflict with their preference to pay no taxes.
5. Monetary and fiscal policies are tools that the government can use to try to stabilize the economy.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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________: the existence of increasing inflation during a period when the economy is experiencing little or no growth
Fill in the blank(s) with correct word
Seasonal unemployment is
A. a result of the seasonal pattern of work in specific industries. B. a result of business recessions that occur when aggregate demand is insufficient to create full employment. C. due to the fact that workers must search for appropriate job offers. D. a result of a poor match of worker's abilities and skills with current requirements of employers.
Which of the following measures changes in the average price of consumer goods and services?
A. Deflation rate. B. CPI. C. Inflation rate. D. Market basket.
Refer to the scenario above. Which of the following is true if Sarah is optimizing in levels?
A) An optimizer will rent the hotel for three days if the total benefit of staying for three days exceeds the total benefits of staying for two days. B) An optimizer will rent the hotel room for three days if the cost of staying for two days exceeds the cost of staying for three days. C) An optimizer will rent the hotel room for three days if the net benefit of staying for three days exceeds the net benefit of staying for two days. D) An optimizer will rent the hotel room for three days if the net benefit of staying for the third day is negative.