In 2004, the federal government of Happy Isle has tax returns of $1 million, and spent $500,000 on transfer payments, $250,000 on goods and services and $300,000 on debt interest. In 2004, the government of Happy Isle has a...
What will be an ideal response?
budget deficit of $50,000
You might also like to view...
In the Friedman "Fooling Model" if P(e) is less than P then the labor supply curve in Figure 17-1 above
A) shifts leftward when workers realize their error. B) always shifts rightward. C) initially remains the same. D) Both A and C are correct.
If a one percent change in the price of oil causes a -0.02 percent change in the quantity demanded of oil, then -0.02 is the
A. income elasticity of demand. B. price elasticity of supply. C. cross-price elasticity of demand. D. price elasticity of demand.
When an economy is producing inside its production possibility frontier,
A. it is efficient so long as it is producing what people want. B. it must overcompensate by producing outside the curve to achieve efficiency. C. production inefficiency occurs. D. only technological advances will allow it to increase production.
You own a condominium in Orlando, Florida. During the recent downturn in housing values in the area your condo's value declined by $75,000. Your economic income ________ and your taxable income ________.
A. was unchanged; fell B. fell; was unchanged C. was unchanged; was unchanged D. fell; fell