If net taxes exceed government expenditures, the government sector has a budget ________ and government saving is ________
A) surplus; positive
B) surplus; negative
C) deficit; positive
D) deficit; negative
A
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By 1900, what did the National Banking System under the Bank Act of 1863 (and subsequent amendments) help national banks attain?
(a) A majority of banking establishments (b) A majority of banking assets (c) A monopoly issue of paper money (d) All of the above
An unintended consequence of price ceilings is:
A. the loss of surplus always outweighs the benefits of the policy. B. non-price rationing must occur, and can lead to bribes. C. the transfer of surplus from producer to consumer rarely is recognized. D. the producers increase the quality of the goods sold.
Schumpeter's hypothesis states that
a. monopolists are always trying to raise prices b. competition does not always generate the lowest prices c. when government fosters competition, prices fall d. price-takers create the highest prices e. efficiency is highest under conditions of perfect competition
If the CPI was 110 this year and 100 last year, then
a. the cost of the CPI basket of goods and services increased by 10 percent this year. b. the price level increased by 110 percent this year. c. the inflation rate for this year was 10 percent higher than the inflation rate for last year. d. All of the above are correct.