The budget deficit is defined as
A) T - (G + TR), and this is negative.
B) T - (G + TR), and this is positive.
C) T + (G - TR), and this is negative.
D) T + (G + TR), and this is negative.
Answer: A
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Suppose that Jeanna's income rises. If tomatoes are a normal good, what will happen to the quantity of tomatoes purchased by Jeanna? Is this an income effect, a substitution effect, or both? Explain
What will be an ideal response?
Suppose there are three buyers in the market for bottled water. At a price of $2 per bottle, Jerry demands 23 bottles, Elaine demands 14 bottles, and Kramer demands 7 bottles. One point on, the market demand curve for bottled water is
a. price = $2 and quantity = 23 bottles b. price = $88 and quantity = 44 bottles c. price = $88 dollars and quantity = 14 bottles d. price = $2 and quantity = 44 bottles e. impossible to determine from the information given
The term "unit elasticity" is used to describe a situation in which a rise in price is accompanied by
a. a fall in total expenditure. b. a rise in total expenditure. c. constant total expenditure. d. a unit decrease in total expenditure.
For all firms, the additional revenue collected from the sale of one additional unit of output is termed:
A. marginal profit. B. average revenue. C. marginal revenue. D. price.