A government is running a budget surplus if:
A. government revenue is less than government spending.
B. imports exceed exports.
C. government revenue exceeds government spending.
D. exports exceed imports.
Answer: C
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The above figure shows the market for laptops. Which of the following shifts the supply curve from S0 to S1?
A) an increase in the cost of hard drives B) a decrease in the price of laptops C) an increase in the number of laptop manufactures and sellers D) an increase in the price of laptops E) an increase in the productivity of the workers manufacturing laptops
The federal budget deficit can be reduced by
A) raising government spending. B) raising transfer payments. C) higher interest rates. D) raising taxes.
For any firm, price always equals
a. average revenue. b. marginal revenue. c. marginal cost. d. marginal profit.
Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) marginal cost C) explicit cost D) Any of the above terms are correct.