Macroeconomic models differ in ways that are hard to standardize.
Answer the following statement true (T) or false (F)
True
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Suppose initially the federal budget is balanced. The economy then enters a period of expansion. What is likely to happen to the federal budget?
A) It will remain balanced. B) It will show a deficit. C) It will automatically stabilize. D) It will show a surplus.
Potential GDP is
A) another name for real GDP. B) the amount of real GDP that the economy would produce if it were at full employment of all resources. C) the value of the maximum amount of output that can be produced at any given time. D) the amount of real GDP that the economy would produce if the unemployment rate was zero. E) the amount of real GDP that the economy would produce if all unemployment was cyclical unemployment.
Explain how globalization has benefitted consumers but has also widened the gap between rich and poor in the United States
What will be an ideal response?
A public franchise
A) is an unregulated monopoly necessary for the public good. B) is a government designation that a private firm is the only legal producer of a good or service. C) is a corporation that is owned by stockholders. D) results from ownership of a key raw material.