National debt is likely to fall when

A. there is a succession of budget deficits.
B. government’s expenditure falls short of its receipts.
C. government’s expenditures exceed its receipts.
D. government expenditure equals revenue.


Answer: B

Economics

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A winner-take-all labor market is one in which:

A. large differences in human capital translate into small differences in wages. B. small differences in human capital translate into small differences in wages. C. one worker receives all of the available compensation and the rest receive nothing. D. small differences in human capital translate into large differences in wages.

Economics

In Figure 6.7 at equilibrium, consumer surplus is area:

A. A. B. A + B + C. C. E + F + G. D. G.

Economics

The basis for trade includes

A) Differing opportunity costs. B) Identical opportunity costs. C) Autarky. D) Government regulatory actions.

Economics

If an industry has constant marginal and average costs, any shift in demand will eventually

A) result in a higher equilibrium price. B) be met by a smaller change in quantity supplied. C) be met by an equal change in quantity supplied, and equilibrium price will not change. D) make economic profits zero in the short run.

Economics