When the government chooses to spend the tax dollars that it collects on homeland security, its choice
A) involves a tradeoff of other goods and services such as education for more homeland security.
B) illustrates that scarcity does not always exist.
C) involves no tradeoff because the defense is necessary.
D) primarily affects who gets the goods and services produced.
A
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If the government runs a budget deficit, then
A) national saving is negative. B) household but not business saving must pay for the deficit. C) part of household and business saving finances the deficit. D) national saving cannot fund investment.
When economists talk about a "new normal" in terms of conditions in the production and employment sectors, they are suggesting a change in people's perceptions influenced by the:
A. Hindsight bias B. Confirmation bias C. Availability heuristic D. Framing effect