During the record deficits of the 1980s, the off-budget elements were
A. fluctuating annually between surpluses and deficits.
B. in deficit, but only barely.
C. also in record deficit territory.
D. in surplus.
Answer: D
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In economic models, variables taken as given and not explained by the model are called ________ variables
A) exogenous B) endogenous. C) short-run. D) long-run. E) nominal.
Economics is the study of
a. scarcity under conditions of democracy b. choice within a system of free speech c. financial markets d. the role of government in a market system e. choice under conditions of scarcity
Suppose Jack Weldon came up with a novel idea of making lamps out of recycled automobile tires. His firm, No-Skid Lamps, works three shifts a day trying to keep up with demand. Attracted by its success, other firms copy the idea and produce similar lamps. As a result, No-Skid Lamps' demand curve
a. shifts to the right and becomes more inelastic b. shifts to the right and becomes more elastic c. shifts to the left and becomes more inelastic d. shifts to the left and becomes more elastic e. stays the same
Suppose two owners of a store agree to split the profit equally regardless of the number of hours each spends working at the store. As a result,
A) production efficiency is achieved. B) each enjoys only half the marginal benefit of an additional hour working in the store. C) one will work all of the time while the other works zero hours. D) each will work as many hours as if he or she were the sole owner.