When was the last year the United States had a budget surplus?
A. 2001
B. 2020
C. 1984
D. 1993
Answer: A
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A perfectly competitive firm should continue to expand output until
A. total revenue exceeds total costs. B. total revenue exceeds variable costs. C. marginal revenue equals marginal costs. D. average revenue equals variable costs.
To determine whether or not a pair of goods are complements, economists are interested in the cross price elasticity of demand between the two goods
a. True b. False Indicate whether the statement is true or false
Which voter is the voter whose views on a policy issue are in the middle of the spectrum, with half of the voters on one side of this voter's view and half on the other side
a. Average voter b. Mean voter c. Modal voter d. Median voter
In economics, marginal analysis _____
a. has no practical applications or real-world uses. b. eliminates incorrect decisions and bad choices. c. involves comparing the additional costs and additional benefits of an activity. d. involves examining only the total costs and total benefits of an activity. e. guarantees an incorrect decision.