A budget surplus exists when
A. tax receipts < government expenditures + transfers.
B. tax receipts > government expenditures + transfers.
C. government expenditures ? transfers > tax receipts.
D. government expenditures > transfers + tax receipts.
Answer: B
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If your income and the price level both rise by 5 percent, and you think you now have more real income, you are suffering from
A) diminishing marginal expectations. B) leakages. C) injections. D) money illusion.
Which of the following is most likely to shift the potential output of an economy to the right?
a. A decline in the length of the average workweek b. An increase in the supply of educated and skilled workers c. A drought d. An increase in aggregate demand e. An increase in the minimum wage received by workers
How does simultaneous consumption affect economies of scale?
What will be an ideal response?
The time period during which all factors of production can be varied is the
A) production time. B) calendar year. C) long run. D) short run.