A deficit refers to the accumulated differences between revenues and expenditures over time
Indicate whether the statement is true or false
F
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Discuss the aggregate production function. How does the aggregate production function relate to the labor market and potential GDP?
What will be an ideal response?
What kinds of economic activities are excluded from GDP? If GDP misses these things, then why do we use it?
What will be an ideal response?
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
If the exchange rate is pegged at $2.50 per pound
A. the pound will be overvalued. B. the British goods will become cheap in U.S. markets. C. the pound will be undervalued. D. the demand for American goods will fall in British markets.
Bracket creep would less likely occur in which of the following?
A) a progressive income tax system B) a regressive income tax system C) a flat income tax system D) none of the above