When the government's expenditures exceed its tax revenue, the budget
A) has a deficit and the national debt is increasing.
B) is balanced and the national debt is increasing.
C) has a surplus and the national debt is increasing.
D) has a deficit and the national debt is decreasing.
E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
A
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By providing workers with more machines, equipment and buildings to use in the production of goods, production would decrease
Indicate whether the statement is true or false
The assumption that individuals do NOT intentionally make decisions that would leave them worse off is referred to as
A) the premium assumption. B) the law of comparative advantage. C) the rationality assumption. D) the law of demand.
Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True b. False
What is the second-largest federal spending category?
a. defense
b. transfer payments
c. interest payments
d. state and local grants