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A budget is

What phrase describes the situation that’s occurring when the economic activity is declining? (or is growing at a negative rate?)

Economics is the study of how people allocate their ________ resources to satisfy their nearly _________ wants.

What is a trade deficit?

Suppose that the United States and Canada each produce only two products, televisions and food. The United States can produce 100 televisions a day, 150 pounds of food a day, or any linear combination in between. (For example, it could produce 100 televisions and no food, 50 televisions and 75 pounds of food, or 150 pounds of food and no televisions.) Canada can produce 300 televisions a day, 330 pounds of food a day, or any linear combination in between. What is the United States’ opportunity cost for producing 1 pound of food?

Long-run aggregate supply is ____________ while short-run aggregate supply is ______________.

Long-run aggregate supply is ____________ while short-run aggregate supply is ______________.

Using Figure 4.1, assume that point C represents the best possible mix or optimal level of output for this society. If the market fails and produces a suboptimal mix of output, then it could produce at

This figure shows the United States’ seven largest trading partners.  Using the figure, with which of the following does the United States have a trade surplus?Click to view larger image.

The phase of the business cycle where the economy is growing faster than usual is called