In Figure 5-1 above, if the budget line is BB0 and the natural real GDP is $5300, the structural surplus or deficit is
A) FC.
B) AD.
C) FA.
D) none of the above.
A
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Fill in the blank: A producer in a ________ market environment would enjoy total market power
A) perfectly competitive B) oligopolistic C) pure monopoly D) price-taking
Which of the following is a common way of measuring the average standard of living?
a. The unemployment rate plus the inflation rate b. Real GDP divided by the price level c. The unemployment rate multiplied by the population d. Real GDP divided by the population e. Inflation rate divided by the population
If price rises, what happens to quantity supplied for a product?
a. It increases. b. It decreases. c. It does not change. d. Quantity supplied is constant, but supply increases.
Of the following countries, which has the most equal distribution of income? United States, Brazil, Mexico, China, Japan, Germany, United Kingdom, Russia