The government budget surplus equals
A. government receipts minus government outlays.
B. government purchases minus transfers.
C. government purchases plus transfers.
D. government purchases minus net receipts.
Answer: A
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An increase in consumer spending based on an increase in income is reflected by
A) an upward rotation of the consumption function. B) a downward shift in the consumption function. C) a movement up along the consumption function. D) an increase in the MPC.
Entrepreneurship functions better when
A) the government performs the entrepreneurial function. B) there is a well-defined property rights system. C) saving is relatively low. D) most of the population has low levels of education.
_________________: Presence of govt causes too much/not enough of a good to be produced.
Fill in the blank(s) with the appropriate word(s).
Which one of the following is an example of passive policymaking?
A. introducing expansionary monetary policy to combat inflation B. introducing expansionary fiscal policy to combat a recession C. following a predetermined monetary policy rule D. introducing expansionary monetary policy to combat a recession