Figure 10.5 Federal Outlays, Receipts, and Surplus/Deficit, as a Percent of GDP, 1980-2011

What will be an ideal response?


The United States federal government has operated at a deficit for most of the last few decades, with particularly high deficits in recent years.

Economics

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Encouraging formation of monopolies provides firms an incentive to:

A) innovate. B) increase social surplus. C) hire less resources in production. D) decrease deadweight loss.

Economics

The average product of labor is equal to the

A) total product divided by the total number of workers hired. B) total number of workers hired divided by the total product. C) slope of the marginal product of labor curve. D) Both answers B and C are correct.

Economics

If View Your World, a high-end window manufacturer, has contracted with a supplier to produce their glass, this is an example of ________.

A) outsourcing B) forward integration C) backward integration D) a market transaction

Economics

An increase in fiscal deficit spending financed by borrowing will increase the national debt

a. True b. False Indicate whether the statement is true or false

Economics