The budget deficit
a. is the value of the government's indebtedness at a moment in time.
b. was $13.5 trillion in fiscal 2014.
c. is the amount by which the government's expenditures exceed receipts during a specific time period.
d. All of the above are correct.
c
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Any profit earned by a corporation
A) does not get taxed. B) gets taxed once. C) gets taxed twice. D) gets taxed five times.
Refer to Figure 15-8. In the figure above, if the economy is at point A, the appropriate monetary policy by the Federal Reserve would be to
A) lower interest rates. B) raise income taxes. C) raise interest rates. D) lower income taxes.
The concept of adverse selection helps to explain
A) why collateral is not a common feature of many debt contracts. B) why large, well-established corporations find it so difficult to borrow funds in securities markets. C) why financial markets are among the most heavily regulated sectors of the economy. D) why stocks are the most important source of external financing for businesses.
Compared to a monopolist, the demand curve for a perfectly competitive firm will be
A) as elastic. B) more elastic. C) less elastic. D) perfectly elastic.