Between 2000 and 2020, the U.S. government budget deficit
A. as a percentage of U.S. GDP has increased steadily each year.
B. has been more than 100% of U.S. GDP.
C. as a percentage of U.S. GDP has decreased steadily each year.
D. none of these.
Answer: D
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A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc. B) an import quota. C) a voluntary import expansion. D) a voluntary restraint agreement.
A period of significant decline in economic activity, marked by falling GDP, rising unemployment, and an increased number of bankruptcies, is called:
A. a boom. B. a recession. C. an expansion. D. a severe depression.
Under a fractional reserve banking system
A. a bank's total reserves equal its total liabilities. B. a bank's total deposits (liabilities to the bank) exceed its reserves. C. a bank's vault cash is only a fraction of its net worth. D. a bank's liabilities are a small percentage of its loans.
Pizza Hut pizza has more close substitutes than does food in general. The price elasticity of demand for Pizza Hut pizza is ________ the price elasticity of demand for food in general
A) not comparable to B) greater than C) less than D) the same as