A government budget deficit occurs when government expenditures are:
a. Less than government revenues
b. Greater than government revenues
c. Increasing and government revenues are increasing
d. Decreasing and government revenues are decreasing
b. Greater than government revenues
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According to the graph shown, what does Y on the x-axis stand for?
A. Current level of GDP B. Observed level of output C. Full employment level of output D. Future target goal for output
Macroeconomics is concerned with the whole economy or its major sectors.
Answer the following statement true (T) or false (F)
Price controls usually enhance efficiency in the allocation of resources.
Answer the following statement true (T) or false (F)
For an increasing cost industry, the long-run supply curve has a(n) _____ elasticity of supply
a. infinite b. negative c. positive d. zero