The amount by which government purchases and transfers exceed tax revenues is known as the
A. primary current deficit.
B. primary deficit.
C. primary surplus.
D. government debt.
Answer: B
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A factor of production that cannot be used outside of a particular sector of an economy is a(an)
A) specific factor. B) mobile factor. C) variable factor. D) import-competing factor. E) export-competing factor.
Figure 34-7
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In Figure 34-7, where AB represents the production possibilities of Pestoland and CD the production possibilities of Pastaland, Pastaland is
A. better at producing pasta and pesto than Pestoland. B. better at producing pasta, but relatively inefficient in producing pesto. C. relatively better at producing pasta than pesto. D. relatively better at producing pesto than pasta.
An example of an information asymmetry is when a worker knows more than his employer about his work effort
a. True b. False Indicate whether the statement is true or false
Use the above table. Based on the information in the table, artisan bread is a(n)
A. inferior good. B. negative good. C. necessary good. D. normal good.