What is a budget deficit? What is a budget surplus? Since 1970, has the U.S. government run more budget deficits or budget surpluses?
What will be an ideal response?
A budget deficit is the amount by which annual expenditures exceeds annual receipts. A budget surplus is the amount by which annual revenues exceed annual expenditures. Since 1970, the U.S. government has run a budget deficit in all years but a few in the late 1990s.
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The larger the marginal propensity to consume
A) the smaller the multiplier is. B) the larger the multiplier is. C) the smaller autonomous consumption is. D) the larger the marginal propensity to save is.
Rent-seeking behavior refers to
a. the offering of goods on a for-rent rather than for-sale basis. b. profit maximization by producers. c. unproductive activity in the pursuit of economic profit. d. illegal manipulation of prices.
In the United States, price ceilings on human organs have caused an increase in demand.
Answer the following statement true (T) or false (F)
For the monopolistically competitive firm, in both the short run and the long run
A) the demand curve is inelastic. B) price will exceed marginal cost. C) there will be no economic profit. D) production will be at minimum average cost.