What is TRUE about government budget deficits and surpluses since 1940?
A) There have been more government budget surpluses than government budget deficits.
B) The number of government budget deficits is about the same as the number of government budget surpluses.
C) Balanced budgets have been more common than government budget deficits or government budget surpluses.
D) There have been more government budget deficits than government budget surpluses.
D
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What is a balance of payments system, and what three types of international transactions are typically found in the balance of payments?
What will be an ideal response?
What is the formula for the government budget deficit? Why might it be appropriate for most governments, most of the time, to have a deficit (rather than surplus)?
What will be an ideal response?
Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
A) total cost B) average fixed cost C) fixed cost D) variable cost E) Carolyn can determine all of the above costs given the information provided.
The deadweight loss a tax causes depends on all of the following except:
A. how responsive buyers and sellers are to a price change. B. the price elasticity of supply. C. the price elasticity of demand. D. who the tax is imposed upon.