A balanced budget is present when:
A. the economy is at full employment.
B. the actual level of aggregate spending equals the planned level of spending.
C. public sector spending equals private sector spending.
D. government revenues equal government expenditures.
Answer: D
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The economy could produce at 8 units of outboard motors and 18 units of robots
A. immediately only under unusual circumstances such as war.
B. if there is economic growth over a period of years.
C. under no circumstances.
D. immediately only under unusual circumstances such as war AND if there is economic growth over a period of years.
According to the kinked demand curve model, if an oligopolistic firm lowers its price, it should expect to see its total revenue:
A) increase. B) stay the same. C) decrease D) cannot be determined without more information.
Which type of regulation applies to all firms in the economy, as opposed to only covering specific industries?
A) economic regulation B) social regulation C) rate regulation D) statutory regulation
Adam Smith believed that a nation would produce the maximum wealth by relying on government to make public interest economic decisions
a. True b. False Indicate whether the statement is true or false