There is a government budget surplus if
A) T - TR > G.
B) G > T.
C) G > TR.
D) TR < T.
Answer: A
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The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the difference between ________
A) his value for the item being auctioned and the value of the lowest bid B) his bid and the second-highest bid C) his maximum willingness to pay for the good and his bid D) his bid and the market price of the item
Rational expectation theory implies that accurately anticipated change in aggregate demand: a. will increase RGDP in the short run
b. will affect RGDP and inflation only in the long run. c. may affect RGDP but not nominal GDP in the short run. d. will do none of the above.
If velocity and output were nearly constant, then
a. the inflation rate would be much higher than the money supply growth rate. b. the inflation rate would be about the same as the money supply growth rate. c. the inflation rate would be much lower than the money supply growth rate. d. any of the above would be possible.
If the punishment is ________, or the likelihood of getting caught is ________, the cost associated with breaking a ban may not be high enough to change the trade-off that consumers face.
A. not severe; high B. not severe; low C. severe; high D. severe; low