Paul, a Canadian citizen, purchases oranges grown in Florida. This purchase is an example of
a. a U.S. import and a Canadian export
b. a U.S. export and a Canadian import
c. an export for both the U.S. and Canada
d. an import for both Canada and the U.S.
b
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The sole proprietorship constitutes what percentage of the total number of firms in the United States?
a. 90 percent b. 75 percent c. 60 percent d. 45 percent e. 20 percent
Answer the following statements true (T) or false (F)
1. The key to assessing whether fiscal policy is expansionary or not is to observe the change in the cyclically-adjusted budget balance. 2. If the cyclically-adjusted budget has a zero deficit but the actual budget has a $100 billion deficit, then that means that the government is pursuing an expansionary fiscal policy. 3. The actual and cyclically-adjusted budgets will be equal when the economy is at full employment. 4. If the cyclically-adjusted budget deficit goes from 2% to 1% of GDP, then it indicates that fiscal policy has turned more contractionary.