Which of the following is true about the U.S. federal government budget for the year 1998?
A. Federal government receipts were greater than federal government spending for the first time in a generation.
B. The U.S. Constitution was amended to require a balanced federal budget.
C. Federal government outlays were greater than federal government receipts for the first time in a generation.
D. The federal budget deficit was the largest in history.
Answer: A
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Refer to Figure 5-1. Marginal social benefit is represented by which curve?
A) Supply B) D1 C) D2 D) All of the above represent marginal social benefit.
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A. Inflation. B. Growth recession. C. Depression. D. Recession.
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