When tax revenues exceed government spending for any year, there is for that year
a. a budget deficit
b. a budget surplus
c. a balanced budget
d. a positive tax multiplier
e. inflation
B
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The higher the interest rate paid on certificates of deposit and other nontransaction deposits, other things being equal, the less people would be expected to hold in demand deposits
a. True b. False Indicate whether the statement is true or false
It has become conventional to classify an economic downturn as a ________ when aggregate ________ declines for two consecutive quarters.
A. trough; demand B. recession; output C. depression; supply D. deflation; spending
A firm produces and sells two goods, A and B. Good A is known to have many close substitutes; good B makes up a significant portion of most families' budgets. A price increase for each good would most likely cause total revenues from good A to:
A. Increase and total revenues from good B to decrease B. Increase and total revenues from good B to increase C. Decrease and total revenues from good B to increase D. Decrease and total revenues from good B to decrease
A given industry, Z, is such that the 1-firm, 2-firm, 4-firm and 8-firm concentration ratios are the same. Based on this, we can conclude that Industry Z is
A) pure competition. B) monopolistic competition. C) oligopoly. D) pure monopoly.