In the second half of the twentieth century, the U.S. inflation rate was at its highest in the period from

The government's budget deficit refers to the:

A. Total amount of debt that the government has incurred over the years B. Difference the nation's amount of exports and its total amount of imports C. Gap between high government spending and its lower tax revenues D. Decrease in the amount of government spending form one year to the next

Because you can get more of one good only by giving up some of another good, the shape of a production possibility curve is:

A. perfectly vertical. B. perfectly horizontal. C. upward-sloping. D. downward-sloping.