If the government's spending exactly equals its revenues during a budget year, that government is
A. balancing its budget.
B. experiencing a budget surplus.
C. running a budget deficit.
D. paying off its public debt.
Answer: A
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Refer to Scenario 2. The marginal cost of the sixth unit of output is:
A) $1.33. B) $7.50. C) $8.00. D) $45.00.
Which of the following examples best shows scarcity?
a. Clara buys a dress for a bargain price. b. Juan decides to save 20 percent of his limited income. c. Sosuke finds a quarter on the sidewalk. d. Lucia runs out of dishwashing liquid right before a big party.
A decrease in government regulation will shift
A. aggregate demand to the right. B. aggregate supply to the left. C. aggregate demand to the left. D. aggregate supply to the right.
A positive economic statement is:
A. an opinion of an action that should be taken. B. an action that will have a positive effect on the economy. C. a statement testable by facts. D. a claim that the speaker is positive will occur.