Using the information in the table above, calculate the government's budget deficit or surplus
A) $2
B) -$4
C) -$10
D) $4
C
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A country has an absolute advantage in the production of a good if that country
a. can produce the good using fewer resources than another country would require b. has the lowest opportunity cost of producing the good and can produce it with the fewest resources c. has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources d. has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources e. has the greatest opportunity cost of producing the good and produces it with the fewest resources
Place point Q on the graph to indicate an unemployment rate of 100 percent, point R to indicate full employment and point S to indicate where the United States economy usually operates.
The national debt is unlikely to cause national bankruptcy because the:
A. national debt can be refinanced by issuing new bonds. B. interest on the public debt equals GDP. C. national debt cannot be shifted to future generations for repayment. D. federal government cannot refinance the outstanding national debt.
If R is the reserve ratio, then the money multiplier is given by 1 / (1+R).
Answer the following statement true (T) or false (F)