Refer to the above graph. A budget surplus would be associated with GDP level:
A. H.
B. J.
C. L.
D. K.
Answer: C
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In 2009, Congress passed a bill that involved government spending increases and tax cuts with the purpose of stimulating the U.S. economy. This policy is an example of
A) an automatic stabilizer. B) contractionary fiscal policy. C) expansionary fiscal policy. D) expansionary monetary policy.
What is scarcity and why does it exist? How is scarcity related to the study of economics?
An open market sale of government securities by the Fed will cause which of the following?
A. an increase in the equilibrium quantity of reserves B. an increase in the federal funds rate C. all of these D. none of these
What is the difference between national income and personal income?
A. Personal taxes. B. National income includes income earned both in the United States and abroad, while personal income only includes that income earned within the borders of the United States. C. National income represents before-tax income, while personal income measures how much is available for spending after all taxes have been subtracted. D. National income represents income earned by American-owned resources, while personal income measures received income, whether earned or unearned.