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.
Answer: C
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A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
Using the expenditure approach, GDP equals:
a. C + I + G + (X ? M). b. C + I + G + (X + M). c. C + I ? G + (X ? M). d. C + I + G ? (X ? M).
The most contentious part of the patient protection and affordable care act has been its
Suppose the federal budget deficit for the year was $100 billion and the economy was in a recession. If the economy had been at potential GDP, it is estimated that tax revenues would have been $60 billion higher and government spending on transfer
payments $50 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $210 billion. B) deficit was $110 billion. C) surplus was $10 billion. D) surplus was $110 billion.