The deficit that showed the biggest increase after the events of 2001 through 2004 (the first and second Bush tax cuts, the recession of 2001 and the war of terrorism) was the
A. far side.
B. off-budget side.
C. on-budget side.
D. must-budget side.
Answer: C
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Refer to Figure 17-3. Assume Panel B represents the labor supply curve. Which of the following statements about Panel B is true?
A) Panel B describes a situation in which the income effect dominates the substitution effect at every level of wages (segments i, ii, and iii). B) Panel B describes a situation in which the income effect dominates the substitution effect at low wages (segment i) and a situation in which the substitution effect dominates the income effect at very high wages (segment iii). C) Panel B describes a situation in which the income effect dominates the substitution effect at low wages (segment i) and again at very high wages (segment iii). D) Panel B describes a situation in which the substitution effect dominates the income effect at low wages (segment i).
A market is unlikely to provide an efficient quantity of public goods because
a. only the government has the vast resources necessary to produce public goods. b. the nature of public goods makes it difficult for producers to withhold them from nonpaying consumers. c. the technology involved in the production of public goods makes it difficult for private firms to produce them even though they could be produced efficiently. d. private production of public goods generally results in a large amount of profit, which is difficult for a firm to effectively pay out to shareholders.
You are most likely to be a union member if you
A. live in a right-to-work state. B. live in the South. C. are a government employee. D. work in retailing.
The ratio of exports to GDP in the United States is small relative to that of other countries.
Answer the following statement true (T) or false (F)