In 2016, the city of Miketown collected $250,000 in taxes and spent $350,000. In 2016, the city of Miketown had a
A. budget deficit of $100,000.
B. budget surplus of 57%.
C. budget deficit of $200,000.
D. budget surplus of $100,000.
Answer: A
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Refer to the above table. The overall balance of payments of Nation "A" is
A) +85. B) - 85. C) 0. D) +25.
Because market price always tends back to the minimum average total cost for all identical firms in a perfectly competitive market in the long run, in theory:
A. price will be the same at any quantity. B. the supply curve may be downward sloping. C. the supply will remain a constant quantity. D. the supply curve will be upward sloping.
Refer to the information provided in Figure 5.5 below to answer the question that follows.
Figure 5.5Refer to Figure 5.5. As the price of good W increased, the demand for good Y shifted from D1 to D2. The cross-price elasticity of demand between W and Y is
A. negative. B. zero. C. positive. D. indeterminate from this information.
U.S. sugar trade agreements have fallen through. What will the likely effect be?
A. The demand for goods that use sugar will decrease. B. The demand for goods that use sugar will increase. C. The supply of goods that use sugar will increase. D. The supply of goods that use sugar will decrease.