A budget deficit is defined as:
A. a shortfall of expenditures compared to revenue.
B. accumulated deficits minus accumulated surpluses.
C. a shortfall of revenues compared to expenditures.
D. accumulated surpluses minus accumulated deficits.
Answer: C
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When tax revenue ________ outlays is negative, then the government has a budget ________
A) minus; surplus B) divided by; surplus C) minus; deficit D) plus; deficit E) plus; surplus
Which of the following groups has the lowest life expectancy at birth?
a. middle-income economies b. low-income economies c. high-income economies d. sub-Saharan African economies e. all the world's economies
The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 Total economic surplus could be increased by reallocating total spending away from
A. public good 2 toward public good 3. B. public good 2 toward public good 1. C. public good 1 toward public good 3. D. public good 3 toward public good 1.
Real variables can only be affected by:
a. unperceived changes in the price level. b. expected changes in the price level. c. perceived changes in the price level. d. actual changes in the price level.