From the mid-1970s to the mid-1990s, the federal government ran a _____ and the state and local governments ran a _____.
A. deficit; deficit
B. deficit; surplus
C. surplus; surplus
D. surplus; deficit
B. deficit; surplus
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Compared to the GDP deflator, the consumer price index measures:
A) the price of all the goods and services produced in the economy. B) the price of a fixed market basket of goods and services. C) the price of exported goods and services. D) the price of wholesale goods and services.
If low-quality workers are unable to obtain a college degree, then a separating equilibrium can occur if
A) the cost of obtaining a degree is less than the wage premium paid to those who have obtained the degree. B) the cost of obtaining a degree is greater than the wage premium paid to those who have obtained the degree. C) the cost of obtaining a degree is zero. D) the wage premium paid to those who have obtained the degree is positive.
The deteriorating-terms-of-trade argument has been used to justify import-substitution policies
a. True b. False Indicate whether the statement is true or false
If the structural unemployment rate is 3 percent, the frictional unemployment rate is 3 percent, and the current unemployment rate is 5 percent, then the economy is in a recessionary gap
Indicate whether the statement is true or false