The ratio of U.S. government spending to GDP reached its peak during:
a. World War I.
b. World War II.
c. the Great Depression.
d. the real estate crisis.
e. the bursting of the stock market bubble.
b
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The view that taxes should impose as little excess burden as possible and should be shared fairly among the taxpayers is consistent with the view of government ____
a. as a type of club b. as a benevolent despot c. as a constitutional republic d. as a constitutional democracy
Because exports are less than imports,
a. net exports are positive. b. net exports are a positive percentage of GDP. c. net exports are a negative percentage of GDP. d. the federal government has a budget surplus.
If there is currently an inflationary gap: a. The price level will tend to rise. b. Real output will tend to fall
c. Both a. and b. will occur. d. None of the above will occur.
If the price of airline tickets falls, what will happen to the demand curve for flight attendants?
a. It will shift to the right. b. It will shift to the left. c. The direction of the shift is ambiguous. d. It will remain unchanged.