The government would be running a budget surplus if:
A. Government spending is lower than consumer spending
B. Tax revenues are less than government spending
C. It imports less from abroad than it exports
D. Government spends less than it collects in taxes
D. Government spends less than it collects in taxes
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The "invisible hand" refers to the notion that
A) competitive markets send resources to their highest valued uses. B) government intervention is necessary to ensure efficiency. C) marginal benefit decreases as more is consumed. D) marginal cost increases as more is produced. E) no matter what allocation method is used, the resulting production is efficient.
How much cloth production would Wendy forfeit in a day in order to produce 6 pounds of food?
a. 3 yards
b. 2 yards
c. 1 yard
d. 1/2 yard