The correct measure of the deficit is also called
A) the cyclically-adjusted deficit.
B) the structural deficit.
C) the full-employment deficit.
D) the inflation-adjusted deficit.
E) all of the above
D
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In the circular flow model
A) households buy goods and services while firms sell goods and services. Firms obtain labor from households, capital from government, and raw materials from firms. B) households demand goods and services which are supplied by firms, and the firms demand resources that are supplied by intermediate firms. C) households buy goods and services and firms supply goods. Resources are supplied by other firms. D) households demand goods and services that are supplied by firms, while supplying resources that are demanded by firms.
An adverse supply shock would cause the FE line to
A) shift to the right. B) shift to the left. C) remain unchanged. D) remain unchanged if the shock is temporary; shift to the right if the shock is permanent.
In general, it can be said that leisure is a "free good."
Answer the following statement true (T) or false (F)
If a nation has no absolute advantage, then it
A) cannot gain from trade. B) still gains from trade. C) can only gain from trade if it raises its productivity levels. D) can only gain from trade if it produces outside its production possibilities curve.