A country reports that its government outlays total $0.8 trillion and its tax revenues total $0.6 trillion. Does the country have a budget surplus or deficit and what is the surplus or deficit?
What will be an ideal response?
The country has a budget deficit. The deficit equals $0.2 trillion.
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Economic growth will NOT result in deflation if aggregate demand shifts
A) outward to the right at the same speed as aggregate supply. B) inward to the left at the same speed as aggregate supply. C) outward to the right as aggregate supply shifts inward to the left. D) inward to the left as aggregate supply shifts outward to the right.
The Federal Deposit Insurance Corporation (FDIC) guarantees that depositors will receive reimbursement for up to ______________ of their money that is deposited in each account even if the bank fails.
a. $250,000 b. $100,000 c. $50,000 d. $500,000
In 1980, the price of a gallon of gasoline was $1.25 . The Consumer Price Index was 82.4 in 1980 compared to 215.3 in 2008 (1983 - 1984 = 100). Measured in 2008 dollars, the price of gasoline in 1980 was
a. $0.56. b. $1.25. c. $2.37. d. $3.27.
Assuming pure competition, which of the following are equivalents?
A. MRP L /P L = MRP C /P C and P x = 1/MC. B. MRP L /P L = MRP C /P C and P x = AVC. C. P x = MC and MRP L /P L = MRP C /P C = 1. D. P x = MC and MP L /P L = MP C /P C