When the employees at Invigorate Corporation receive an across-the-board raise of 5 percent, the demand for dining at mid-priced restaurants increases 7 percent. The restaurants are an example of a(n) ______ good.
a. superior
b. inferior
c. stable
d. normal
d. normal
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On the island country of Sunshine where the unit of currency is fish, net exports are 50 fish, saving is 250 fish, net taxes are 100 fish, and the government budget deficit is 175 fish. The private sector has a ________
A) deficit of 125 fish B) surplus of 125 fish C) deficit of 225 fish D) surplus of 225 fish
In cases where negative externalities are present, the equilibrium price in the market is higher than it should be to achieve the optimal allocation of resources
Indicate whether the statement is true or false
The direct transfer of goods and services rather than cash is known as
A. Welfare income. B. Poverty support. C. In-kind transfers. D. Transfer payments.
Which of the following statements is FALSE?
A. The federal budget deficit in 2020 was about 4 percent of the GDP. B. The public debt of $10 billion is the accumulated debt of all U.S. individuals, firms, and institutions. C. A budget deficit of $10 billion in a given year increases the public debt by $10 billion. D. During the past five years, the U.S. public debt has been increasing.