Which of the following statements is true?
A) A budget deficit occurs when government expenditures exceed tax receipts during any single year.
B) The public debt is the total amount the federal government owes its creditors.
C) The public debt is greater than the net public debt.
D) b and c
E) a, b, and c
E
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The aggregate supply curve shows the relationship between
A) the level of inputs and aggregate output. B) the inflation rate and the level of inputs. C) the wage rate and the level of employment. D) the inflation rate and the level of aggregate output supplied.
Sometimes one observes that the price of a company's stock falls after the announcement of favorable earnings. This phenomenon is
A) clearly inconsistent with the efficient markets hypothesis. B) consistent with the efficient markets hypothesis if the earnings were not as high as anticipated. C) consistent with the efficient markets hypothesis if the earnings were not as low as anticipated. D) consistent with the efficient markets hypothesis if the favorable earnings were expected.