When tax revenue ________ outlays is positive, then the government has a budget ________

Refer to Figure 2-11. What is the opportunity cost of producing 1 pound of cashews in Indonesia?

A) 3/8 of a bolt of cotton B) 5/8 of a bolt of cotton C) 2 2/3 bolts of cotton D) 320 bolts of cotton

Which of the following has the highest present value?

A) $1,000 received in 3 years if the current interest rate is 4% B) $1,500 received in 5 years if the current interest rate is 6% C) $2,000 received in 6 years if the current interest rate is 11% D) $3,000 received in 10 years if the current interest rate is 12%