Which statement is true?
A. The federal budget deficit reached a peak in 1992 and has been declining since then.
B. The federal budget deficit in fiscal year 1997 was at a record high.
C. Because we ran federal budget surpluses since 1998, the national debt is falling.
D. The federal government ran budget surpluses from 1998 to 2001, but returned to deficits since 2002.
D. The federal government ran budget surpluses from 1998 to 2001, but returned to deficits since 2002.
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If the percentage change in the quantity demanded is not zero but is less than the percentage change in the price, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
A free rider attempts to receive benefits without paying for them
Indicate whether the statement is true or false
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, net exports are
A. $825 billion. B. $85 billion. C. -$85 billion. D. $740 billion.
Number of workersUnits of output0012525539541255150Table 8.2Refer to Table 8.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 0 units. B. 10 units. C. 25 units. D. 30 units.