A budget surplus is defined as the amount that the
a. government owes to lenders at any moment in time.
b. government spends in any time period.
c. government's expenditures exceed receipts in any time period.
d. government's receipts exceed expenditures in any time period.
d
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Assume that Switzerland and Britain have floating exchange rates. All else held constant, if a tight money policy raises interest rates in Britain as compared to Switzerland, then ________.
A. the Swiss franc will depreciate B. the pound will depreciate C. the Swiss franc will appreciate D. gold bullion will flow into Switzerland
If the price level rises, what will happen to the level of real GDP supplied?
A. It will usually decrease. B. It will usually increase. C. Nothing. D. It will decrease at first and then increase.
The largest source of tax revenue for the U.S. federal government is the corporate-profit tax.
a. true b. false
How is the market for gasoline affected if the excise tax on gasoline is reduced?
A) The supply of gasoline decreases. B) The supply of gasoline increases. C) The equilibrium quantity of gasoline decreases. D) The equilibrium price of gasoline increases.