During the twentieth century, the largest budget deficits as a percentage of GDP occurred
A) during the 1980s. B) during the Vietnam war.
C) during the 1990s. D) during World Wars I and II.
D
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According to this Application, what is home equity?
A) the difference between the value of homes and the amount of mortgage debt on the property B) the value of homes less the value of the property on which the homes are sitting C) the value of homes plus the value of the content in the homes D) the average retail value of homes listed for sale
Suppose that the United States decided to subsidize a major research and development effort by U.S. firms in the semiconductor industry. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) neither allowed nor disallowed. E) allowed as long as the subsidies are for developing a "precompetitive" technology.