The "cost disease of personal services" phenomenon predicts that the price of tickets to baseball games and cell phone rates will increase at approximately the same rate
a. True
b. False
Indicate whether the statement is true or false
False
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If tax revenues are $230 billion and the government's outlays are $235 billion, then the budget
A) surplus is $5 billion and government debt will increase by $5 billion. B) surplus is $230 billion and the budget deficit is $235 billion. C) deficit is $5 billion and government debt will remain the same. D) deficit is $5 billion and government debt will increase by $5 billion. E) deficit is $5 billion and government debt will decrease by $5 billion.
A credit-driven bubble arises when ________ in lending causes ________ in asset prices which can cause ________ in lending
A) a decrease; a decrease; an increase B) a decrease; an increase; an increase C) an increase; an increase; a further increase D) a decrease; a decrease; a further decrease
When sellers have better information about product quality than do buyers, lower-quality products tend to become more common in the market
a. True b. False
Which of the following is an example of fiat money?
A. an ounce of gold B. a government bond C. a U.S. one-hundred dollar bill D. cigarettes