Which of the following is true? The federal government's budget
a. was always in surplus until the 1980s
b. is in deficit now but has been in surplus in most of the past 40 years
c. has been virtually perfectly balanced for the past 5 years
d. deficit has averaged around zero for the last several decades
e. switched from deficits to surpluses in the late 1990s
E
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The expected rate of currency depreciation is equal to the proportional difference between the forward rate and the spot rate. This is known as the:
a. forward depreciation. b. backward depreciation. c. forward premium. d. backward premium.
Refer to Figure 13-18. Which of the following statements is true?
A) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the long-run demand curve in an increasing-cost industry. B) Da represents the long-run supply curve in a perfectly competitive, constant-cost industry while Db depicts the long-run demand curve facing a monopolistic competitor in a decreasing-cost industry. C) Da represents the long-run demand curve facing a perfect competitor while Db depicts the long-run demand curve facing a monopolistic competitor. D) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the demand curve in the short run.