The budget deficit/surplus projections for 2005 that were made in 2001 were wrong by
A. several trillion.
B. several hundred billion.
C. less than a billion.
D. several hundred trillion.
Answer: B
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In terms of unemployment, hysteresis models try to explain why
a. cyclical unemployment is always present. b. structural unemployment cannot be eradicated. c. high unemployment persists even after its initial cause is long past. d. frictional unemployment is the cause of hysteresis.
In a bargaining solution, a player's net surplus is
A) the amount of total surplus minus any deadweight loss. B) the difference between what the player receives in the final bargain minus what she would have gotten from the disagreement point. C) the amount of consumer surplus she receives minus any deadweight loss. D) always maximized.
In Western nations, the desire for the incredible fruits of the materialist world may often
a. lead to very low opportunity costs of foreign aid b. lead to low birth rates and high death rates c. lead to an abandonment of the LDCs d. come at the expense of tradition e. lead to very high opportunity costs of innovation
Unemployment rates in the U.S. are generally:
a. higher than in Europe b. lower than in Europe c. about the same asin Europe d. there are no unemployed in Europe