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.
Answer: C. budget surplus.
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History and Adam Smith both point out that people of the same trade
a. often face the temptation to engage in collusion. b. rarely consider engaging in collusion. c. meet only to consider how to improve the quality of their products. d. scrupulously avoid engaging in discussions about their trade since they are competitors.
Most employees ________ on the value of health insurance provided by employers, and most people ________ when buying individual health insurance policies
A) pay taxes; do not get a tax break B) pay taxes; get a tax break C) do not pay taxes ; do not get a tax break D) do not pay taxes; get a tax break
Everything else held constant, an increase in wealth will cause the holdings of checkable deposits to the holdings of currency to ________ and the currency ratio will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
How does the federal government provide public goods and reduce the number of free riders?
a. Requiring tax payments b. Acquiring private firms c. Investing in education d. Protecting patents