If the government currently has a budget deficit, then
a. it does not necessarily have a debt.
b. its debt is increasing.
c. government expenditures are greater than taxes.
d. All of the above are correct.
d
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Historically, real income per person:
A. barely changed at all until the 1800s but began to increase after. B. barely changed at all until the 1500s but began to increase after. C. has steadily increased at an average rate of 2 percent D. has barely changed at all worldwide.
The change in total revenue obtained by selling an additional unit of output is
a. average revenue b. business revenue c. marginal revenue d. overhead revenue e. profit margin
Which economic policy would a government adopt in order to maximize net social welfare?
a. Increasing taxes on commodities with a relatively low elasticity of supply b. Increasing subsidies on commodities with a relatively high elasticity of demand c. Reducing subsidies on commodities with a relatively low elasticity of demand d. Reducing taxes on commodities with a relatively high elasticity of supply
Which of the following is not a function of money
(a) A unit of account. (b) A standard of deferred payment. (c) A unit of exchange. (d) A store of value.