In mid-2009, publicly held debt was approaching ______ and total debt was approaching ______
a. $1 trillion; $12 trillion.
b. $3 trillion; $6 trillion.
c. $12 trillion; $7 trillion.
d. $7 trillion; $12 trillion.
e. $12 trillion; $12 trillion.
D
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Approximately what percentage of U.S. national income is paid to workers, as opposed to owners of capital and land?
a. 25 percent b. 45 percent c. 65 percent d. 85 percent
A supply shock causes the long-run aggregate supply curve to shift left, decreasing the price level
Indicate whether the statement is true or false
Economic theory is a necessity, not a luxury. This statement is true because theory
a. always leads to practical and useful policy. b. can prevent depressions in the economy. c. substitutes for vast amounts of data. d. provides a structure for organizing and analyzing data. e. always leads to accurate predictions.
Which of the following WOULD NOT be considered an automatic stabilizer for the economy?
A. Welfare payments B. Unemployment compensation C. The progressive income tax D. An income tax surcharge