A federal budget deficit exists when federal government
A. spending exceeds tax revenues in a given year.
B. spending is increasing in a given year.
C. assets are less than liabilities in a given year.
D. taxation is decreasing in a given year.
Answer: A
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Over time, carpenters become aware of more attractive employment opportunities outside of carpentry. Does this development affect the demand for carpenters, or does it affect the supply of carpenters?
Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable costs for the month are:
A. $8,000. B. $4,000. C. $32 per dress. D. $7,500.
Demand is more price-elastic
A. If the product is a small part of the consumer's budget. B. In the long run. C. If the product is a necessity. D. If the product has very few substitutes.
________ shifts the Fed rule to the left.
A. A decrease in government spending B. A decrease in the price level C. An increase in the Z factors D. An increase in government spending