Empirical evidence suggests that the federal budget has remained more or less in

Question

Empirical evidence suggests that the federal budget has remained more or less in surplus between 1990 and 2002.

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Question 22 pts

Firms' profits or production do not increase in the long run because:

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Question 32 pts

Financial intermediaries are best described as:

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Question 42 pts

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.

According to Scenario 4-1, country C has net exports of:

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Question 52 pts

A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n):

Explanation / Answer

Q1 True because the period saw very strong economic growth and dot com bubble in the late 1990s.

Q2 In the long run all factors are variable but this does not imply that profits are zero. There is no profit because price is flexible to change when entry and exit is free in the long run. Hence any change in cost is matched by change in price so there is no increase in profit (Last option)

Q3 Last option as they are intermediary so they channelize savings to borrowers as loans

Q4 Country C imported $6 million worth of goods from country A, and $7 million worth of goods from country B. Imports are $13 million. Exports are $7 million so net exports are -$6 million worth of goods

Q5 Decrease in short run aggregate supply

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