The public debt can be thought of as
A. the total amount in taxes consumers pay to the government.
B. the total amount consumers owe on their credit cards.
C. the total amount the government spends for goods and services.
D. accumulated budget deficits and surpluses.
Answer: D
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The demand for a resource rises as
A. its productivity rises and the relative prices of substitutable resources rises. B. its productivity rises and the prices of substitutable resources falls. C. its productivity falls and the relative prices of substitutable resources falls. D. its productivity falls and prices of substitutable resources falls.
The ____ is a monetary measure of the economy’s output during a specific time period and is used by all nations to measure and compare national production.
Fill in the blank(s) with the appropriate word(s).
A 65 percent chance of winning $10 and a 35 percent chance of losing $5 would be classified as a(n)
A. fair gamble. B. worse-than-fair gamble. C. unfair gamble. D. better-than-fair gamble.
For a fixed inflation rate target, an increase in the inflation rate corresponds to a ________ the aggregate demand curve and an increase in exogenous spending corresponds to a ________ the aggregate demand curve.
A. shift left of; shift right of B. shift left of; movement up C. movement up; movement down D. movement up; shift right of