A federal deficit of $300 billion means that
A) the government plans on collecting $300 billion in taxes this year.
B) the government has a total debt of $300 billion.
C) the government is spending $300 billion a year more than it is collecting in taxes.
D) government spending is $300 billion a year.
C
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From Figure 8-5, one can deduce
A. TR = TC at outputs 10 and 60. B. MR = MC at output 35. C. TFC = 100. D. All of the responses are correct.
An increase in the price of a good would
a. increase the supply of the good. b. increase the amount purchased by buyers. c. give producers an incentive to produce more. d. decrease both the quantity demanded of the good and the quantity supplied of the good.
Regulations to reduce pollution
a. cause pollution levels to drop below the regulated amount. b. are typically a more costly solution to society than a corrective tax. c. allow firms with the lowest cost to reduce pollution by more than those with the highest costs. d. are a better solution for the environment than a corrective tax.
In the expansion phase of the business cycle:
What will be an ideal response?