Exhibit 23-1: Global Comparison of Government Surpluses and Deficits as a Percentage of GDP, 2016
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Country Surplus (+) or Deficit (-) as a percent of GDP Canada -1.10 Iceland 12.57 Latvia 0.06 Norway 3.99 Spain -4.51 United States -4.94
Given the information in Exhibit 23-1, which of the countries shown was closest to balancing its budget?
A. Iceland
B. Latvia
C. Norway
D. United States
Answer: B
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According to the graph shown, if this economy were to open to trade, domestic prices would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. remain $14 for domestically produced goods, and be $10 for those units imported.
B. drop to $10 for all units.
C. remain $14, with more units sold overall.
D. increase to $17 for all units sold.
"Ceteris paribus" assumption means
A. relying on real-world data in evaluating the usefulness of a model. B. analysis that is strictly limited to making purely positive statements. C. that nothing else changes except the variables under consideration. D. the role of rational self-interest in the economy.
For social surplus to be maximized, the ________ buyers are actually making a purchase and the ________ sellers are selling the products
A) lowest-value; highest-cost B) highest-value; lowest-cost C) highest-value; highest-cost D) lowest-value; lowest-value
Production quota set below the equilibrium quantity has big effects:
What will be an ideal response?