If the Federal budget is passed with expected revenues of $1.3 trillion dollars and expected expenditures of $1.1 trillion dollars, then the difference of $200 billion dollars is the:
A. National debt.
B. Budget deficit.
C. Budget surplus.
D. Debt service.
E. Debt ceiling.
Answer: C. Budget surplus.
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Suppose all firms in a perfectly competitive industry are earning an economic profit. One would expect that, over time, the number of firms in the industry will ________ and the market price will ________.
A. rise; stay the same B. fall; rise C. rise; fall D. rise; rise
Which of the following is true about marginal utility?
a. Marginal utility is total utility divided by the total quantity consumed. b. Marginal utility is the change in total utility divided by the change in total quantity demanded. c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed. d. None of the above are true.
The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
a. return on the investment of many years of training. b. evening-out of their low income during schooling. c. rent on their unique and rare talents. d. scarcity value of their abilities.
Which of the following statements is true?
A. If a model has several explanatory variables and several variations to the general model are to be presented, it is better to report the results in an equation form, rather than a tabular form. B. If a model has several explanatory variables and several variations to the general model are to be presented, it is better to report the results in a tabular form, rather than an equation form. C. The adjusted R-squared should always be listed in the result section of a research paper, while the R-squared may or may not be listed. D. The number of observations for each equation should always be listed in the result section of a research paper, while the R-squared may or may not be listed.