If the economy is in a recession, the actual deficit is ________ than the full employment deficit.
A. smaller than
B. larger than
C. equal to
D. equal to or larger than
Answer: B
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Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward. B) the supply of snowboards is price elastic. C) some firms entered into the snowboard industry. D) All of the above answers are correct.
The establishment of an income tax, ceteris paribus, will result in
A) a lower expenditure multiplier. B) a higher expenditure multiplier. C) no change in the size of the multiplier. D) None of the above.
The price elasticity of demand between rifles and bullets is likely to be
a. negative, because the goods are complements b. positive, because the goods are complements c. negative, because the goods are substitutes d. positive, because the goods are substitutes e. 0, because the goods are not substitutes
GDP does not count:
A. the estimated value of homemaker production. B. state and local government purchases. C. spending for new homes. D. changes in inventories.