In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion.
B) deficit was $3,973 billion.
C) surplus was $2,703 billion.
D) was balanced because every dollar the government spends it must raise.
E) surplus was $1,270 billion.
The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
A
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The "law of demand" refers to the fact that, all other things remaining the same, when the price of a good rises
A) the demand curve shifts rightward. B) the demand curve shifts leftward. C) there is a movement down along the demand curve to a larger quantity demanded. D) there is a movement up along the demand curve to a smaller quantity demanded.
The international trade effect states that a(n) ________ in the price level will ________ net exports
A) increase; increase B) decrease; decrease C) increase; decrease D) decrease; not affect
The wage premium for the average college graduate (vs. the average high school graduate) has gone up significantly in recent years
a. True b. False
A real estate salesperson sells a house in 2015 that was built in 2005 . How does this transaction get counted in the GDP statistics?
a. The price of the house and the real estate salesperson's commission are both included in 2015's GDP. b. Neither the price of the house or the commission is included in 2015's GDP. c. The real estate salesperson's commission but not the price of the house is included in 2015's GDP. d. The price of the house would be included in both 2005's GDP and the GDP for 2015.