Macroeconomics approaches the study of economics from the viewpoint of:
A. the entire economy.
B. governmental units.
C. the operation of specific product and resource markets.
D. individual firms.
Answer: A
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Which of the following is an example of an automatic stabilizer?
A) Congress increases the tax rate during an expansion. B) Congress authorizes spending increases during a recession. C) More unemployment benefits are paid during a recession. D) Welfare payments decrease during a recession.
From 2012 until 2087, the CBO projects that, as a percentage of GDP, government revenues are expected to ________, government expenditure is expected to ________, and the budget deficit is expected to ________
A) increase; decrease; decrease B) decrease; increase; increase C) increase; increase; increase D) increase; increase; decrease