A government budget surplus is
A. the public debt.
B. a situation in which the amount spent by the government is greater than the amount collected in taxes.
C. a situation in which the supply of goods in the economy is greater than the demand for goods.
D. an excess of revenues over government spending.
Answer: D
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The figure above portrays a total revenue curve for a perfectly competitive firm. The firm's marginal revenue from selling a unit of output
A) equals $0.50. B) equals $1.00. C) equals $2.00. D) cannot be determined.
Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the quantity of bags sold. B. Cannot answer this question without knowing the cost per bag. C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold. D. Cannot answer this question without knowing what market share they hold.
The pursuit of "comparative advantage"
What will be an ideal response?
Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in quantity demanded are represented by a movement from:
A. point a to point d. B. point c to point d. C. point c to point a. D. point b to point c.