If tax revenues are $230 billion and the government's outlays are $235 billion, then the budget
A) surplus is $5 billion and government debt will increase by $5 billion.
B) surplus is $230 billion and the budget deficit is $235 billion.
C) deficit is $5 billion and government debt will remain the same.
D) deficit is $5 billion and government debt will increase by $5 billion.
E) deficit is $5 billion and government debt will decrease by $5 billion.
D
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In perfect competition, the demand faced by a single firm is perfectly
A. elastic, because many other firms produce the same standardized product. B. inelastic, because many other firms produce the same standardized product. C. inelastic, because the firm produces a differentiated product. D. elastic, because the firm produces a differentiated product.
Because of the shortcomings of concentration ratios, some economists prefer another measure of competition called
A) the Herfindahl-Hirschman Index. B) the Economic Profit Index. C) the Competition Index. D) the Marginal Revenue-Marginal Cost Index.
The prosperity of a nation today is typically measured by its: a. total output or gross national product
b. real output per capita. c. gold reserves. d. proportionate share of international trade.
Which of the following examples best shows scarcity?
a. Clara buys a dress for a bargain price. b. Juan decides to save 20 percent of his limited income. c. Sosuke finds a quarter on the sidewalk. d. Lucia runs out of dishwashing liquid right before a big party.