The amount by which federal tax revenues exceed federal government expenditures during a particular year is the:
A. Federal Reserve.
B. budget deficit.
C. budget surplus.
D. public debt.
C. budget surplus
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Development economics is the study of the
a. alleviation of absolute poverty. b. transformation of institutions. c. allocation of resources in developing countries. d. all of the above.
The short-run effect of a negative supply shock is
A) lower inflation and a declining output gap. B) lower inflation and an increasing output gap. C) higher inflation and a declining output gap. D) higher inflation and an increasing output gap.
If you hear that unemployment increased in the last year by 3.5 percentage points to 8 %it means:
A. 35 out of every 100 people lost their job in the last year. B. 35 out of every 1,000 people lost their job in the last year. C. 8 out of every 1,000 people who want a job can't find one. D. 80 out of every 100 people who want a job can't find one.
Which of the following is correct? A tax burden
a. falls more heavily on the side of the market that is more elastic. b. falls more heavily on the side of the market that is less elastic. c. falls more heavily on the side of the market that is closest to unit elastic. d. is distributed independently of the relative elasticities of supply and demand.