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- Is inflation likely to be a problem for at least some low- and middle-income economies in the near future?Is inflation likely to be a severe problem for at least some high-income economies in the near future?In low-income countries, does it make sense to argue that most of the people without long-term jobs are unemployed?
- What is the difference between trade deficits and balance of trade?For each of the following, indicate which type of government spending would justify a budget deficit and which would not. Increased federal spending on Medicare Increased spending on education Increased spending on the space program Increased spending on airports and air traffic controlDescribe how a plan for reducing the government deficit might affect a college student, a young professional, and a middle-income family.
- When is a trade deficit likely to work out well for an economy? When is it likely to work out poorly?What must take place for the government to run deficits without any crowding out?Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
