Government in the United States spends more as a percentage of GDP than in most other industrialized nations
a. True
b. False
Indicate whether the statement is true or false
False
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The study of the decision-making process of government is the study of:
a. Keynesian economics. b. public choice theory. c. rational expectations theory. d. social economics.
When Ryan has an income of $2,000 . he consumes 30 units of good A and 50 units of good B. After Ryan's income decreases to $1,500, he consumes 23 units of good A and 55 units of good B. Which of the following statements is correct?
a. Both goods A and B are normal goods. b. Both goods A and B are inferior goods. c. Good A is a normal good, and good B is an inferior good. d. Good A is an inferior good, and good B is a normal good.
The portion of the budget deficit or surplus that would exist even if the economy were at its potential income is called the cyclical deficit or cyclical surplus.
Answer the following statement true (T) or false (F)
In general, individuals and nations should specialize in producing those goods for which they have a(n):
A. absolutely comparative advantage. B. comparative advantage. C. absolute advantage and a comparative advantage. D. absolute advantage.