Refer to the above figure. A budget deficit occurs when real national income is
A. Y3.
B. Y1.
C. Y2.
D. None of these: cannot be determined given the information.
Answer: B
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If the consumption of a good by one person reduces its consumption by others, then the good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. b and d
Refer to Scenario 5.3. The expected revenue from all three companies combined is
A) $11 million B) $17.9 million. C) $25.5 million. D) $29.5 million. E) $48 million.
When economists speak of "marginal", they mean
a. Opportunity b. Scarcity c. Incremental d. Unimportant
In 2007, at the federal level, transfer payments and interest account for
a. less than 5 percent of spending b. zero percent of spending c. 55.6 percent or somewhat more than half of spending d. approximately 10 percent of spending e. 100 percent of federal spending