Because deadlines are frequently missed, budgets typically run from year to year based on _____.
a. continuing resolutions
b. budget resolutions
c. congressional suggestions
d. the suggestions of the President
e. the suggestions of the President's Council of Economic Advisers
QUESTION 2In a Lorenz curve diagram, the 45 line represents:
a. perfect income equality.
b. zero inflation.
c. a negative income tax.
d. an extremely unequal distribution of income.
QUESTION 3Which of the following people would be counted as employed?
a. A retired naval officer
b. A high school student
c. A stay-at-home father
d. A teenager who has given up looking for work after a year of trying
e. A ski instructor who is working during the summer
QUESTION 4When a budget is not approved in time, _____.
a. agencies operate on the basis of continuing resolutions
b. agencies operate on the basis of a budget resolution developed by budget committees
c. agencies tend to shuts down
d. the President can force Congress to act
e. agencies borrow from the Federal Reserve
QUESTION 5In an economy, U = the number of adults who are unemployed, E = the number of adults who are employed, and NLF = the number of adults not in the labor force. The unemployment rate of the economy is equal to:
a. U/(E + NLF).
b. U/E.
c. U/(U + E).
d. U/(E + NLF).
e. U/(U + E NLF).
QUESTION 6After 1929 in the United States, as measured by the Lorenz curve, income inequality:
a. increased sharply.
b. remain unchanged.
c. declined.
d. increased.