The primary deficit is equal to
A) outlays - tax revenues.
B) government purchases + transfers + net interest - tax revenues.
C) outlays + net interest - tax revenues.
D) government purchases + transfers - tax revenues.
D
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When the unemployment rate is less than the natural unemployment rate, real GDP is ________ potential GDP
A) greater than B) unrelated to C) not comparable to D) equal to E) less than
The aggregate supply curve illustrates that the
A) higher the price level, the greater the quantity of real GDP supplied. B) higher the price level, the smaller the quantity of real GDP supplied. C) aggregate demand curve is not needed to determine the aggregate price level. D) price level does not affect the quantity of real GDP supplied. E) amount of potential GDP increases when the price level rises.
Stabilization policy has helped ameliorate the impact of recessions since the 1950s.
Answer the following statement true (T) or false (F)
If a firm has implicit costs as well as explicit costs
A) net income will always be less than accounting profit. B) accounting profit will be zero. C) net income will always be greater than accounting profit. D) economic profit will be less than accounting profit.