Revenue and spending programs in the federal budget that automatically adjust with the ups and downs of the economy are known as _____
Fill in the blank(s) with the appropriate word(s).
automatic stabilizers.
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Increases in the price level will
A) raise consumption because some goods and services are more affordable. B) raise consumption because real wealth increases. C) lower consumption because real wealth decreases. D) lower consumption because goods and services are less affordable.
The largest portion of any nation's balance of payments current account is the
A) importing and exporting of merchandise goods. B) importing and exporting of services. C) importing and exporting of gold. D) importing and exporting of capital goods.
Producer surplus refers to
a. the difference between the market price for a good and the minimum price the producer would accept b. the difference between the market price for a good and the maximum price a consumer would be willing to pay c. the excess supply a firm produces for the market d. the profit a producers receives for a good e. the difference between consumer surplus and the price of the good
The federal government receives most of its revenue from personal income taxes and payroll taxes
a. True b. False Indicate whether the statement is true or false