In 2010, which of the following was true regarding the extremely large deficits that the U.S. recently encountered?
a. Most politicians and economists argued that the deficit had to be reduced.
b. Most politicians argued that the deficit had to be reduced but economists cautioned against this course of action.
c. Most economists argued that the deficit had to be reduced but politicians cautioned against this course of action.
d. Both politicians and economist cautioned against deficit reduction.
b
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Consider two economies: A and B. The nominal interest rate is the same in both economies, but the rate of inflation is higher in economy B. Which of the following statements will then be true?
A) The real interest rate will be the same in both economies. B) The real interest rate will be higher in economy B. C) The real interest rate will be higher in economy A. D) Whether the real interest rate is higher in economy A or B will depend on the number of borrowers in both economies.
Business cycles ________, and recessions ________
A) are of equal length; are of equal severity B) are of equal length; differ in severity C) vary in length; are of equal severity D) vary in length; differ in severity
A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes.
Recent rapid economic growth in India and China has reduced the amount of "brain drain" in those countries
Indicate whether the statement is true or false