Economists define an aggregate as
A. a concrete object.
B. a specific principle.
C. a representative good or service.
D. a useful abstraction.
E. something immeasurable.
Answer: D
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The Great Recession of 2007–2009 and the financial crisis of 2008 increased the budget deficit because of: a. an increase in the tax rates for high-income households
b. a sudden increase in terrorist attacks and anthrax scares in the economy. c. low interest rates that crowded out private investment. d. discretionary tax cuts and greater outlays on unemployment benefits. e. greater outlays on national defense spending.
The level of Social Security benefits is adjusted each year based on the ________________ Price Index.
a. Consumer b. Production c. Personal d. Purchasing
The per capita GDP of a country is calculated by: a. dividing the total population of the country by its GDP
b. dividing the GDP of the country by its total population. c. multiplying the GDP of the country by its total population. d. adding the GDP of the country to its total population.
Other things being equal, a decline in business taxes will cause investment to:
a. remain unchanged b. increase c. decrease d. to equal consumption