Suppose that in 2020 the average citizen's federal tax bill is $9,372, and total federal spending is $10,824 per person. In 2020, the federal government will have
a. a budget surplus.
b. a budget deficit.
c. horizontal equity.
d. vertical equity.
b
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A federal deficit of $300 billion means that
A) the government plans on collecting $300 billion in taxes this year. B) the government has a total debt of $300 billion. C) the government is spending $300 billion a year more than it is collecting in taxes. D) government spending is $300 billion a year.
Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government b. tires purchased by an automobile manufacturer for installation on new cars c. a new saw purchased by a carpenter d. screwdrivers purchased by a homeowner for home repairs e. aprons purchased by restaurant chefs
Identify the main planks of the classical thought. (4 Marks)
a. Distinguish between voluntary and involuntary unemployment. (4 Marks) b. Explain the process through which classical unemployment can occur in an economy.
When a new Walmart comes to a city, ________ percent of sales at the Walmart would have occurred in the city anyway.
A. fifty to sixty B. seventy to eighty C. ninety to ninety-five D. twenty to thirty