Use the following table to determine which statement is true.YearSurplus or deficit (?) billions of dollars1946?15.919474.0194811.819490.91950?3.1
A. From 1945 to 1950, the debt rose by $2.3 billion.
B. The budget deficit in 1950 was $2.3 billion.
C. From 1946 to 1950, the U.S. debt was $2.3 billion.
D. In 1950, the U.S. debt was $2.3 billion.
Answer: A
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a. True b. False Indicate whether the statement is true or false
The U.S. has a mixed economy because
A. the government helps in answering the three basic questions of economics: what, how and for whom. B. the laissez faire market system lacks government intervention. C. all goods and services are provided privately. D. the central planning body makes all market decisions.
If a firm in a perfectly competitive market is currently producing the output where price = marginal cost > average total cost, the firm is:
A. earning a positive profit. B. earning a zero profit. C. suffering an economic loss. D. All of these
Refer to the above figure. If a price floor of $5 was set
A. there would be a shortage of 40 units. B. there would be a shortage of 20 units. C. there would be a surplus of 40 units. D. the quantity sold would be 80 units.