Suppose that in 2020 the average citizen's federal tax bill is $11,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have
a. a per person budget surplus of $2,109.
b. a per person budget deficit of $2,109.
c. horizontal equity.
d. vertical equity.
b
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The aggregate demand curve or schedule shows the relationship between the total demand for output and the ________.
A. income level B. price level C. interest rate D. real GDP
In the United States, the inflation rate during the past 25 years
A) has, on average, been negative. B) has generally been below 5%. C) has averaged 0%. D) has increased at its fastest pace in history.
One of the difficulties with an economic policy such as rent control is that
a. politicians do not consider its secondary effects b. economists disagree about the impacts of the policy c. it is difficult to enforce antidiscrimination laws in the rental housing market d. it makes landlords wealthy at the expense of renters e. pressure from landlords resulted in its repeal in many cities
Recent reforms in the U.S. welfare system have been aimed at reducing long-term dependency on welfare
Indicate whether the statement is true or false