A budget surplus occurs when tax revenues are greater than government expenditures.
Answer the following statement true (T) or false (F)
True
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A decision made by a rational person
A) is intended to make the person worse off. B) would always make the person wealthier. C) is identical to a decision that would be made by any other person facing the same choices. D) is intended to make the person better off.
According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. area (B + C) gets transferred from consumer to producer.
B. area (B + C) gets transferred from producer to consumer.
C. area B gets transferred from consumer to producer.
D. area B gets transferred from producer to consumer.
Economists speaking like scientists make
a. positive statements. b. prescriptive statements. c. claims about how the world should be. d. More than one of the above is correct.