Spending on programs for which there is an existing legal obligation is labeled
A. entitlement spending.
B. obligatory.
C. discretionary.
D. mandatory.
Answer: D
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If the aggregate supply curve is upward sloping, then an increase in autonomous consumption leads to a(n)
A) increase in aggregate demand and a rise in the price level. B) decrease in aggregate demand and a rise in the price level. C) decrease in aggregate demand and a fall in the price level. D) no change in aggregate demand and no change in the price level.
An appreciation of the U.S. dollar relative to the Japanese yen causes
A) a lower dollar-price of Japanese goods which induces the U.S. to increase their purchasing of Japanese goods. B) the quantity demanded of U.S. dollars to increase because the Japanese want to buy more U.S. goods. C) the Japanese to buy more U.S. goods, causing the dollars to appreciate further. D) the U.S. to buy less Japanese goods, causing the U.S. to depreciate.
Since 1959 when the official data on the poverty rate began, the poverty rate was at its highest in
a. 1959. b. 1968. c. 1977. d. 1986.
The tax revenue collected can be calculated by ______.
a. subtracting the amount of the tax from market price and adding surpluses b. adding consumer and producer surpluses and dividing by market price c. subtracting production expenses from market price d. multiplying the amount of the tax times the quantity of the good sold