When the government's spending is less than tax revenue, it implies that:
a. the government budget is balanced.
b. the government is running a deficit.
c. there is a budget surplus.
d. there is a higher chance of default by the government.
e. the government needs to borrow from the central bank.
c
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If a commodity is inexpensive and its total utility is great,
A. it is an inferior good. B. it is plentiful. C. its marginal utility is high. D. the ratio of price to marginal utility is very high.
Which of the following would likely be studied in a macroeconomics course?
A) the unemployment rate B) total output for an economy C) the inflation rate D) all of the above
Which one of the following statements is true?
a. Resources flow from the government to households. b. Resources flow from firms to households. c. Taxes flow from firms to the government. d. Resource payments flow from firms to households e. Imports flow from firms to foreign economies.
Suppose that a nation has a GDP of 1.0 trillion dollars in 2000. If a country grows at an average rate of 3.0 % per year over a fifteen year period, then its compounded GDP at the end of the 15 year period should be:
A. 1.47 Tr. B. 2.00 Tr. C. 1.33 Tr. D. 1.56 Tr.