If the government's spending exactly equals its revenues during a budget year, that government is
A) running a budget deficit.
B) experiencing a budget surplus.
C) balancing its budget.
D) paying off its public debt.
C
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Specialization and trade benefits all participants only if: a. They specialize in those things they have both a comparative and absolute advantage in
b. They specialize in those things they have a comparative advantage in, even if they have an absolute disadvantage. c. They specialize in those things they have an absolute advantage in, even if they have a comparative disadvantage. d. Traders have the same opportunity cost of production
If voters are rational, they are more likely to vote
A. if the issues are complex. B. when they are employed. C. in small local elections. D. in large national elections.
If something is to be considered as money, it has to fulfill
A. all three functions B. all four functions
A monopolistically competitive firm that is profitable in the short run will face competition that will eventually eliminate the firm's profits in the long run. But the firm can stave off competition and continue to earn economic profits if
A) it can successfully sue its competitors for copyright infringement. B) it can move to another country where there is less competition. C) it can lobby the government to establish a price floor for its product. D) it can find new ways to differentiate its product.