Which statement is true about any of the federal budget deficits of the 1990s?
A. The deficits were a little larger than the national debt.
B. The deficits and the national debt were about equal.
C. The national debt was a little larger than the deficits.
D. The national debt was much larger than the deficits.
D. The national debt was much larger than the deficits.
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If a country's international reserves are increasing, then its exchange rate is ________ and there is a balance-of-payments ________.
A. undervalued; surplus B. overvalued; surplus C. overvalued; deficit D. undervalued; deficit
The long-run supply curve of an industry equals the industry’s
A. long-run marginal cost curve. B. the horizontal sum of all firms’ supply curves at any point in time. C. long-run average cost curve. D. long-run total variable cost curve.
A market basket:
A. only includes housing, food, and clothing, but not things like transportation. B. looks like a really long shopping list for what firm's typically purchase. C. includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. D. is what an economist creates in order to understand purchasing trends of households and firms.
As we move down a straight-line demand curve, the price elasticity becomes
a. larger. b. smaller. c. larger, then smaller. d. smaller, then larger.