If the total government expenditure in a country during a particular year amounts to $4.9 million and its total tax collection in the same year is $5.9 million, then:
a. there is a budget deficit of $4 million.
b. there is a budget surplus of $10 million.
c. there is a budget deficit of $1 million.
d. there is a budget surplus of $1 million.
d
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An increase in planned real investment spending causes
A) a shift of the C + I + G + X curve but has no effect on the aggregate demand curve. B) a movement along the C + I + G + X curve and a shift of the aggregate demand curve. C) a shift of the C + I + G + X curve that causes the aggregate demand curve to shift. D) a shift of the C + I + G + X curve and a movement along the aggregate demand curve.
For the past year, Teddy has had a part-time job at which he is willing to work 10 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage
As a result of the wage increase, Teddy is now willing to work 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect. A) work; greater B) work; less C) leisure; greater D) leisure; less
When the government mandates that firms supply a particular benefit, it is usually the case that
A. the wage will decrease by more than the cost of providing the benefit. B. the wage will decrease by less than the cost of providing the benefit. C. the wage will increase. D. the cost of providing the benefit is less than the worker's value of the benefit. E. employment will increase.
Which panel of Figure 3.3 represents the changes in the market for cigarettes when the government increases subsidies for the production of tobacco and at the same time bans smoking in public buildings?
A. A. B. B. C. C. D. D.