While the budget deficit represents a ________, the public debt represents a ________.
A. flow; stock
B. flow; flow
C. stock; stock
D. stock; flow
Answer: A
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After Hurricane Sandy, FEMA (the Federal Emergency Management Agency) advertised in a New Jersey radio station how people affected by the hurricane could file for assistance
In the political marketplace, the decision makers in FEMA are best characterized as A) voters. B) firms. C) politicians. D) bureaucrats.
The slope of the line from the origin to a given point on the curve equals
A) the increase in output. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
In a market system, what must take place for quantity demanded to continually be equated with quantity supplied?
A) Price controls must be applied by governments. B) Relative prices must be able to adjust to market clearing levels. C) Tastes and preferences of consumers must adjust to eliminate surpluses or shortages. D) Businesses must engage in involuntary, unprofitable exchanges to eliminate surpluses or shortages.
Which of the following provides a longer run measure of the exchange rate?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP