If the federal government balanced its budget, its tax revenues would be equal to government expenditures.
Answer the following statement true (T) or false (F)
True
The federal government budget surplus (deficit) is equal to tax revenues minus government expenditures. If tax revenues and government expenditures are equal, the budget is balanced.
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Capital goods are treated as ________ goods and, therefore, are ________ GDP.
A. intermediate; excluded from B. intermediate; included in C. final; excluded from D. final; included in
One of the major points of the circular flow diagram is:
a. If GDP rises due to increased production, incomes earned from producing GDP must rise. b. Increasing gross private domestic investment is the best way for a nation to grow. c. Increasing government spending is the best way for a nation to grow. d. The top and bottom flows are proof that most economies should always be in equilibrium. e. None of the above.
When a monopolist sells two units of output its total revenue is $150. When it sells three units of output its total revenue, is $180. When the monopolist sells three units of output, the price per unit is
A. $50. B. $60. C. $75. D. $90.
If you were a member of the NBER business-cycle dating committee, would you declare that the U.S. economy is now in a recession? Why? Describe the major variables that you would look at to determine whether the economy is in a recession or not, and what features of the data you would look for.
What will be an ideal response?