A budget surplus occurs if government spending:
A. Equals tax revenues.
B. Is greater than tax revenues.
C. Is less than tax revenues.
D. Causes tax revenues to increase.
C. Is less than tax revenues.
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For a given upward-sloping supply curve, an increase in demand for chocolate chips will result in a:
a. ?lower equilibrium price and a higher equilibrium quantity. b. ?higher equilibrium price and a lower equilibrium quantity. c. ?lower equilibrium price and a lower equilibrium quantity. d. ?higher equilibrium price and a higher equilibrium quantity. e. ?decrease in the quantity supplied of chocolate chips.
Use the following table to answer the question below.Dave's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600320201202024040804016060406080800800The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1/4, 1 B. 1/4, 1/2 C. 1, 4 D. 2, 4
Specialization
a. can increase total output without an increase in resources. b. is beneficial only if exchange takes place. c. should be based on the principle of comparative advantage. d. All of the above are correct.
Has world trade increased continually over the 60 years?
What will be an ideal response?