There is a federal budget deficit when
A) the government spends less that it collects in taxes.
B) the government spends more that it collects in taxes.
C) the government spends the same amount it collects in taxes.
D) taxes are too high.
Answer: B
You might also like to view...
Economists assume the principal motivation of producers is
A. Psychological gratification. B. Profit. C. Social status. D. Their preference for being "their own person."
Renewable energy sources provided _____ of U.S. energy needs as of 2013.
A. almost 100 percent B. 20.8 percent C. 9.4 percent D. 14.2 percent
Because the value of non-cash benefits to the poor is not counted when calculating the official poverty rate in the U.S., the official statistics
A. underestimate the poverty rate. B. overstate the real income of the poor. C. accurately measure the poverty rate. D. overestimate the poverty rate.
What characteristic is common to perfect competition, monopolistic competition, and monopoly?
a. free entry and exit b. zero economic profit in the long run c. firms treat the market price as given d. firms maximize profits by producing where MR = MC e. small number of buyers relative to the number of sellers