Which of the following is not a phase or turning point of the business cycle?
A) recession
B) expansion
C) shutdown
D) trough
C
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The formula used to determine how long it will take a country to double its real GDP is called
A) the nominal-to-real formula. B) the double-or-nothing formula. C) the expenditure multiplier. D) the rule of 70.
Which of the following statements is true?
a. The United States today comes closer to the socialist form of economic organization than it does capitalism. b. When central planners set prices above equilibrium for goods and services they create shortages. c. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital. d. Adam Smith argued that government's role in society would be to do absolutely nothing.
The main reason that President Clinton was forced to revise his campaign promise to cut taxes was that, in 1993, he faced a large
A. balance of payments surplus. B. balance of payments deficit. C. federal budget deficit. D. federal budget surplus.
National defense is an example of a good that is:
A. only nonexcludable. B. largely nonrival and nonexcludable. C. neither nonrival nor nonexcludable. D. only nonrival