The government of Lithasia ran a budget deficit of $60,000 in 2014. If the tax revenue of the Lithasian government in 2014 was $320,000,000, how much did the government spend in that year?
A) $319,940,000
B) $1,060,000
C) $320,060,000
D) $49,000,000
C
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If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:
a. 3. b. 300. c. 1. d. ?1. e. ?3.
Suppose an apartment complex converts to a condominium, so that the former renters are now owners of their housing units. Suppose further that a current estimate of the value of the condominium owners' housing services is the same as the rent they previously paid. What happens to GDP as a result of this conversion?
a. GDP necessarily increases. b. GDP necessarily decreases. c. GDP is unaffected because neither the rent nor the estimate of the value owner-occupied housing services is included in GDP. d. GDP is unaffected because previously the rent payments were included in GDP and now the rent payments are replaced in GDP by the estimate of the value of owner occupied housing services.
Money payments made by governments to individuals for which no services or goods are concurrently rendered are known as
A) transfer payments. B) government-sponsored payments. C) government-inhibited payments. D) black market payments.
Refer to the scenario above. What will the balance in Tom's account be after five years if he deposits $3,000 in the bank?
A) $3,222.64 B) $3,400 C) $4,014.68 D) $4,111.78