A budget surplus is
A. An excess of government spending over government revenues in a given time period.
B. Used only in time of war.
C. An excess of government revenues over government expenditures in a given time period.
D. None of the choices are correct.
Answer: C
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Which of the following is an example of fiscal policy?
A) a reduction in the money supply. B) a reduction in the federal funds rate. C) a reduction in lump-sum taxes. D) an increase in the physical stock of capital.
The quantity of shoes produced is measured along the horizontal axis of a PPF and the quantity of shirts is measured along the vertical axis. As you move down toward the right along the PPF, the marginal cost of
A) shoes decreases. B) shoes increases. C) shirts increases. D) shoes and shirts is equal at the midpoint between the vertical and horizontal axis.
The Trading Desk's open market operations
A) are confined within a one-hour interval each weekday morning. B) are confined within a six-hour interval each weekday morning. C) occur throughout each day. D) occur once a week.
According to the circular flow model, expenditures by one person translate:
A. directly into income for someone else. B. indirectly into the value of that person's time. C. indirectly into the household's budget. D. directly into his or her income.