In recent economic history, the U.S. federal budget was in surplus from
A) 2001 through 2005.
B) 1998 through 2001.
C) 1990 through 1997.
D) 1980 through 1989.
Answer: B
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The full opportunity costs of production are calculated as the sum of both explicit and implicit costs
Indicate whether the statement is true or false
The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance. B) productive dominance. C) comparative advantage. D) absolute advantage.
Since the demand for labor depends on the demand for the product labor produces, the demand for labor is called:
a. primary demand. b. secondary demand. c. dependent demand. d. derived demand.
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 55 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.