A federal budget ________ occurs when the government spends less than it collects in taxes
A) floor
B) surplus
C) equilibrium
D) deficit
B
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Based on the data in the table above, what does GDP equal?
A) $8,900 billion B) $10,200 billion C) $9,800 billion D) $10,400 billion E) $10,000 billion
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
Economics is primarily the study of: a. human greed
b. how firms compete for profits in the marketplace. c. how limited resources are allocated to satisfy unlimited wants. d. how successful investors make money in the stock market.
The study of how one business firm sets its prices would fall under the study of:
a. Economic growth b. Microeconomics c. Income distribution d. Macroeconomics