When government expenditures in a given year exceed tax receipts, there exists
A. a budget surplus.
B. a budget deficit.
C. public revenue.
D. full-employment taxation.
B. a budget deficit.
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Bill is a high-school dropout who lost his job in a fast food restaurant when the economy plunged into a recession. After 8 months, Bill is still looking for work. He is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) the natural unemployment rate.
While producing less than the competitive output decreases social welfare, the same cannot be said about producing more than the competitive output
Indicate whether the statement is true or false
Incentive-based regulations tend to be more efficient than command-and-control regulations
a. True b. False Indicate whether the statement is true or false
NetJets, which is the first time-share program for aircraft, cuts transaction costs by:
a. providing economic service to its passengers. b. being responsible for crews, maintenance, and compliance with Federal regulation. c. reducing the time taken for traveling between destinations. d. allowing owners to transfer their shares, change the size of their shares, and purchase shares of other planes.