You are given the following budget data for a country that has both a central government and local governments.
(a)How much is the deficit for the central government, the local government, and the total of the central and local governments?(b)How much is the primary deficit for the central government, the local government, and the total of the central and local governments?
What will be an ideal response?
| (a) | 175, 10, 185 |
| (b) | 50, 50, 100 |
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A) the long-run aggregate supply curve to shift to the left. B) unemployment to fall below its short-run level. C) equilibrium real GDP to fall. D) the price level to rise initially, and then return to its lower level.
In order to maximize profits, the derivative of total revenue with respect to quantity must equal the derivative of total cost with respect to quantity
Indicate whether the statement is true or false
Scarcity implies that people must
A) be miserable. B) be selfish. C) make choices. D) not be selfish.
According to the theory of comparative advantage, specialization and free trade will benefit
A. only that trading party that has both an absolute advantage and a comparative advantage in the production of all goods. B. only that trading party that has an absolute advantage in the production of all goods. C. only that trading party that has a comparative advantage in the production of all goods. D. all trading parties, even when some are absolutely more efficient producers than others.