Budget deficit
What will be an ideal response?
an
excess of total government
outlays over total government tax
revenues
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Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. They can each produce any linear combination as well. Once free trade is allowed, Canada will produce
A) no clothing. B) 10 units of clothing. C) 20 units of clothing. D) 5 units of clothing.
Ben consumes soda and cheeseburgers. If his marginal utility from sodas is currently 20, and his marginal utility from cheeseburgers is 10, and the price of cheeseburgers is twice the price of sodas, a. Ben is in equilibrium
b. Ben should increase his soda consumption and decrease his cheeseburger consumption. c. Ben should decrease his soda consumption and increase his cheeseburger consumption. d. we cannot conclude that any of the above are correct.
Payroll tax puts a wedge between the wages firms pay and the wages workers earn due to ______.
a. which party the tax is levied against b. the inelasticity of supply relative to demand c. whether the supply or demand curve is shifted d. the fact that firms essentially pay the tax twice
The majority of large corporations are directly controlled by the owners of the corporation.
Answer the following statement true (T) or false (F)