When government spending is equal to the tax revenues during a specific time period, this is known as a
A) government budget deficit. B) government budget surplus.
C) balanced budget. D) public debt.
C
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The average number of years of schooling of workers in Argonia has increased. Which of the following is likely to be true if all other variables remain unchanged?
A) The unemployment rate in Argonia is likely to increase. B) The income per worker in Argonia is likely to decrease. C) The efficiency units of labor in Argonia is likely to increase. D) The aggregate price level in Argonia is likely to decrease.
Persistent deficit after 1980 was almost entirely due to
A) higher share of expenditures in GDP. B) lower tax revenue. C) lower share of expenditures in GDP. D) Higher tax revenue.
Owners of a coffee shop finds that they can sell 150 donuts a day when the price of a donut is $1.20. When they price donuts at $1, they sell 170 donuts. The absolute value of the price elasticity of demand for donuts is
A) 0.69. B) 1.45. C) 1.00. D) infinity.
Under the Bretton Woods system, a country could alter its exchange rate
A) by changing its value relative to gold. B) whenever it determined that there was a fundamental disequilibrium. C) only when the IMF permitted due to a fundamental disequilibrium. D) under no circumstances.