When federal government spending exceeds tax revenues, the federal government runs a budget surplus
Indicate whether the statement is true or false
FALSE
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The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals:
A. $9,000. B. $100,000. C. $21,000. D. $30,000.
If the natural rate of unemployment in a country is 6% and the unemployment rate in the country is 8%, the cyclical unemployment in the country must be:
A) 8%. B) 6%. C) 14%. D) 2%.
In an unregulated competitive market, the presence of marginal external benefit from a good or service results in overproduction
Indicate whether the statement is true or false
Expenditures on education equal about _____ of state and local government financial outlays
a. one quarter b. one third c. one half d. two thirds