The federal budget deficit is found by:
A. subtracting government tax revenues plus government borrowing from government
spending in a particular year.
B. subtracting government tax revenues from government spending in a particular year.
C. cumulating the differences between government spending and tax revenues over all years
since the nation's founding.
D. subtracting government revenues from the noninvestment-type government spending in a
particular year.
B. subtracting government tax revenues from government spending in a particular year.
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The short-run aggregate supply curve shifts when
I. the full-employment quantity of capital changes. II. technology advances. A) I only B) II only C) neither I nor II D) I and II
The reservation wage is the
A) highest wage for which a person is willing to supply labor. B) lowest wage for which a person is willing to supply labor. C) wage for which a person is willing to work full time. D) wage for which a person is willing to work overtime.
In which of the following areas are partnerships common?
a. Contract jobs won through bidding b. A large multinational corporation c. Small firms producing semi-finished goods d. Professional group practices
Given an upward-sloping aggregate supply curve, which of the following is most likely to occur if the Fed pursues restrictive monetary policy, ceteris paribus?
A. The equilibrium price level and output will both decrease. B. The equilibrium price level and output will both increase. C. The equilibrium price level will decrease but output will stay the same. D. The equilibrium output will decrease but the price level will stay the same.