The amount by which the federal government's annual revenues exceed its annual expenditures is the
A) federal debt.
B) federal government budget deficit.
C) federal government budget surplus.
D) federal profit.
C
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Bob values the utility of a single scoop of Baskin-Robbins ice cream at $1.50. A double scoop gives total utility of $2.25, while a triple scoop yields $2.60. Baskin-Robbins charges $1.35 for a single, $1.95 for a double, and $2.35 for a triple. How many scoops will Bob buy?
What will be an ideal response?
If a decrease in price increases total revenue, what can you determine about the elasticity of demand for the good?
What will be an ideal response?
State and local governments receive the largest amount of revenue from
A. personal income taxes. B. property taxes. C. sales taxes. D. payroll taxes.
If average labour productivity increases, real GDP per person:
A. increases B. decreases C. remains constant D. may increase or decrease, depending on the change in the share of population employed