If the net public debt expanded last year, then which of the following most likely occurred during the year?
A) The government's budget was balanced.
B) The government's tax collections exceeded its spending.
C) The government experienced a budget surplus.
D) The government experienced a budget deficit.
Answer: D) The government experienced a budget deficit.
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What can one learn from Figure 13-3 from the text, shown below?
What will be an ideal response?
If the farmer is producing 5000 bushels of soybeans at point "b" in the above figure, we know that
A) the farmer is not using his resources efficiently. B) the farmer is using his land to produce a crop other than soybeans or corn. C) the farmer must be using more land than was used in constructing the production possibilities curve. D) the farmer is using his resources efficiently.
An "experience good" is one that:
a. Only an expert can use b. Has undetectable quality when purchased c. Can be readily experienced simply by touching or tasting d. Improves with age, like a fine wine e. All of the above
Identify a valid trend observed in U.S. business cycles since 1933. a. Contractions lasted for more than two years on an average. b. There were only two or three complete cycles
c. There was no recession since 1979. d. Expansions generally lasted longer than contractions. e. Each cycle lasted longer than the previous one.