A budget surplus is defined as:
A. a shortfall of revenues compared to expenditures.
B. accumulated surpluses minus accumulated deficits.
C. accumulated deficits minus accumulated surpluses.
D. a shortfall of expenditures compared to revenue.
Answer: D
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The Fed can close a recessionary gap by:
a. increasing fiscal expenditure
b. increasing taxes.
c. decreasing taxes.
d. selling U.S. government bonds.
e. lowering the discount rate.
A tariff always lowers the well-being of each nation, including the nation imposing the tariff.
Answer the following statement true (T) or false (F)
All Honolulu law enforcement personnel must go through the same training program, but law enforcement personnel assigned to guard the capital building earn 15% less than law enforcement personnel assigned to the homicide division. This 15% difference in pay is an example of a ________ differential.
A. transfer payment B. compensating C. utility D. human capital
Are we passing the national debt burden on to our children?