If the government spends less than what it receives in taxes during a given interval, then the result is
A. a government budget surplus.
B. a balanced budget.
C. an entitlement.
D. unrealized public debt.
Answer: A
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In which of the following sets of circumstances can we confidently expect inflation?
A. Aggregate supply decreases and aggregate demand increases. B. Aggregate supply increases and aggregate demand decreases. C. Aggregate supply and aggregate demand both increase. D. Aggregate supply and aggregate demand both decrease.
A "normal good" is defined as any good in which
A) a rise in its price will reduce quantity demanded. B) a fall in its price will increase quantity demanded. C) a rise in income will reduce overall demand. D) a fall in income will reduce overall demand.
Conventional wisdom holds that there are __________ in banking
A) economies of scope but not scale B) economies of scale but not scope C) economies of both scope and scale D) neither scope nor scale economies
Suppose the lowest-wage state in the United States is West Virginia and the highest-wage state is New York. Which of the following would be true?
a. If New York trades with West Virginia, consumers in New York will be worse off. b. If New York trades with West Virginia, wages in New York will fall until they equal the wages in West Virginia. c. New York would be better off if its state government imposed restrictions on the importation of goods made in West Virginia. d. Both New York and West Virginia will be better off if they are allowed to trade freely.