Budget deficit
What will be an ideal response?
an excess of total government outlays over total government tax revenues
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When a firm's profit maximizing sales level is positive, its marginal revenue is ______ its marginal cost at that quantity.
A. greater than B. less than C. equal to D. less than or equal to
Related to the Economics in Practice on p. 496: In 2014, the Congressional Budget Office estimated that with no changes to current laws, the federal debt will reach more than 100 percent of GDP by the year
A. 2017. B. 2024. C. 2039. D. 2066.
The vertical intercept of the Security Market Line (SML) shows the:
A. Amount of arbitrage B. Risk-free interest rate C. Beta of the market portfolio D. Risk premium for the market portfolio
Suppose GDP is $15 trillion, with $8 trillion coming from consumption, $2.5 trillion coming from gross investment, $3.5 trillion coming from government expenditures, and $1 trillion coming from net exports. Also suppose that across the whole economy, personal income is $12 trillion. If the government collects $1.5 trillion in personal taxes, then disposable income will be:
A. $13.5 trillion. B. $12.0 trillion. C. $10.5 trillion. D. None of these are correct.