If government spending is $900 billion while government revenue is $600 billion, the government is said to have a
A) $600 billion budget deficit. B) $1,500 billion budget deficit.
C) $300 billion budget deficit. D) $300 billion budget surplus.
C
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Which of the following is the best example of a product or service that provides a benefit externality?
A) the construction of a private road that allows vehicles if a toll is paid B) a public library C) a bookstore that is open to everyone D) All of the above E) None of the above
For a trucking company, all of the following are examples of fixed costs, except
a. Tax accountant fees b. Package designing fees c. Insurance d. Gasoline costs
Which of the following is not a cost of inflation identified by economists?
a. menu costs associated with more frequent adjustment of prices b. confusion and inconvenience resulting from a changing value of the unit of account c. reduced price flexibility d. arbitrary redistributions of wealth associated with dollar-denominated debts
Labor productivity increases when
A. capital/labor ratio decreases. B. labor and output increase proportionately. C. output decreases and labor increases. D. capital increases and labor remains constant.