The difference between the official and correct measures of the deficit will be greater,
A) the lower is inflation.
B) the lower is the level of debt, B.
C) the higher is growth of output.
D) all of the above
E) none of the above
E
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The average total cost curve
A) is U-shaped. B) diminishes initially because average fixed costs diminish. C) increases eventually because of diminishing returns. D) All of the above answers are correct.
If an increase in investment spending of $20 million results in a $200 million increase in equilibrium real GDP, then
A) the multiplier is 0.1. B) the multiplier is 1. C) the multiplier is 10. D) the multiplier is 100.
Which of the following is an example of an international externality?
a. Loss of crops b. Disease epidemic c. Global warming d. Dirty water
An underlying assumption of economic analysis is that people engage in rational decision making and ______.
a. self-promotion b. bargain hunting c. marginal thinking d. economic growth