The annual statement of the outlays, tax revenues, and surplus or deficit of the government of the United States is the federal
A) budget.
B) deficit record.
C) debt to the public.
D) spending.
E) surplus record.
A
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Which one of the following expressions best states the idea of opportunity cost?
A. "He who hesitates is lost." B. "All that glitters is not gold." C. "A penny saved is a penny earned." D. "There is no such thing as a free lunch."
As a share of total national income, government spending generally has
A) been constant over the last fifty years. B) increased over the last fifty years. C) decreased over the last fifty years. D) increased until ten years ago, and then decreased steadily.
The end result of individual choices may be different from what one individual intends.
Indicate whether the statement is true or false.
A seller's verbal assurance that a used car is a plum (high-quality car):
A. is not effective at reducing the problems associated with asymmetric information. B. is an effective way for sellers to prove that the good they are selling is of high quality. C. is a more efficient way to prove high quality than a money-back guarantee because it does not cost the seller any money to make the assurance. D. provides the same protection against adverse selection than does a repair guarantee.