As a portion of GDP, government purchases include:
A.) Food stamps.
B.) National defense expenditures.
C.) Unemployment benefits.
D.) Welfare checks.
B.) National defense expenditures.
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If a nation's government has a budget deficit, then balance on goods and services:
a. Must be positive. b. Must be negative. c. Must be increasing the nation's monetary base. d. None of the above.
If the demand increases in a perfectly competitive market, the price will:
A. temporarily decrease. B. increase permanently. C. decrease permanently. D. temporarily increase.
When economists talk about growth in the economy, they measure that growth as the
a. absolute change in nominal GDP from one period to another. b. percentage change in nominal GDP from one period to another. c. absolute change in real GDP from one period to another. d. percentage change in real GDP from one period to another.
If Germany can make compact cars more efficiently than Russia, it enjoys
A. a comparative advantage. B. an absolute advantage. C. no advantage.