When revenues exceed expenditures
a. there is a budget surplus
b. there is a budget deficit
c. the government must create more money
d. the government is forced to issue more bonds to raise money
Ans: a. there is a budget surplus
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When Annie puts her money in her sock drawer for purchases later on, money is acting as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
John's utility from an additional dollar increases more when he has $1,000 than when he has $10,000. From this, we can conclude that John
A) is risk averse. B) is risk loving. C) is risk neutral. D) has a negative marginal utility of wealth.
When the economy is going strong the:
A. demand for workers increases. B. supply of workers increases. C. demand for workers decreases. D. supply of workers decreases.
The period between the trough and the peak of a business fluctuation is called
A. the spreading out. B. the expansion. C. the development. D. the growth phase.