When Congress does not pass the necessary budget resolutions by the time the new fiscal year starts, they need to pass a ______ in order to keep agencies operating
a. budgetary extension
b. continuing resolution
c. continuing extension
d. emergency budgetary declaration
b
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If the MPC is 0.6, then a 50-unit rise in taxes and a 50-unit rise in government spending will shift the IS curve
a. to the right by 50 units. b. to the right by 75 units. c. to the left by 125 units. d. to the left by 75 units.
The trade-off between the present and future consumption is measured by
A) the money cost of both the present and future consumption. B) the foregone present consumption. C) the difference between the money price of future goods and the money cost of producing them. D) the difference between the money price of present goods and the money cost of producing them.
If goods X and Y are substitutes and the price of X falls, all other things being equal, the demand curve for Y will
A) be indeterminate. B) shift to the right. C) shift to the left. D) not shift at all.
In a long-run perfectly competitive equilibrium
A. P = MR > MC = ATC. B. P = MR = MC = ATC. C. P = MR = MC > ATC. D. P > MR > MC = ATC.