The rise in the U.S. debt-GDP ratio after 1980 must be blamed primarily on a ________ ratio of ________ to GDP
A) rising, government expenditures
B) rising, tax revenues
C) falling, government expenditures
D) falling, tax revenues
A
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Suppose that the technology used to produce computers advances. How does this change affect the supply of computers and the supply curve of computers?
What will be an ideal response?
The economic philosophy that favors strict limits on imports and strong support for exports is called
A) zero sum. B) autarky. C) mercantilism. D) comparative advantage. E) absolute advantage.
As a general rule, when an income tax is added to the basic macroeconomic model, what happens to the consumption schedule?
a. It will shift downward. b. It will shift upward. c. It will become flatter. d. It will become steeper.
The demand for a product is inelastic with respect to price if:
A. consumers are largely unresponsive to a per unit price change. B. the elasticity coefficient is greater than 1. C. a drop in price is accompanied by a decrease in the quantity demanded. D. a drop in price is accompanied by an increase in the quantity demanded.