Which of the following observations is true of the federal budget between 1960 and 2010?
a. The federal budget was in deficit in the early 1960s.
b. Between 1960 and 1970 the federal budget deficit reflected a sharp increase.
c. The federal budget was in surplus between 1970 and 1980.
d. The federal budget deficit was the highest in the late 1990s.
e. The federal budget deficit was lower than 600 billion dollars in 2010.
e
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The IMF policies that accompany most IMF loans are typically:
A. contractionary in the long run. B. procyclical in the long run. C. contractionary in the short run. D. expansionary in the short run.
An inframarginal positive externality _____
a. requires subsidization to reach an optimal level of output b. requires regulation to reach an optimal level of output c. requires corrective taxation to reach an optimal level of output d. requires no action because the optimal level of output has been reached
An increase in the expected inflation rate causes: a. the velocity of money to increase. b. the velocity of money to decrease. c. the actual inflation rate to fall
d. the actual price level to decrease. e. the money supply to increase.
When a binding price floor is imposed on a market,
a. price no longer serves as a rationing device. b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor. c. only some sellers benefit. d. All of the above are correct.