Use the following diagrams for the U.S. economy to answer the next question.
Which of the diagrams best portrays the effects of an increase in foreign spending on U.S. products and an expansion?
A. Graph (1)
B. Graph (2)
C. Graph (3)
D. Graph (4)
Answer: C
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During the 1990s,
a. tax revenues have decreased b. budget deficits decreased substantially c. sustained economic growth has increased both deficits and tax revenues d. government spending has increased dramatically due to increased defense expenditures e. the view in government, academe, and society that government can contribute to moderate social and economic ills has been persuasive
Countries typically establish export restrictions to encourage the development of substitute products.
a. true b. false
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
For which of the following goods would you most likely observe the characteristic of excludability?
A. A professional baseball game. B. A concert in the city park. C. An interstate highway. D. Exterior Christmas lights.