In 2011, federal government receipts were approximately
a. $4,000 per person and federal government spending was approximately $8,000 per person, resulting in a budget deficit.
b. $8,000 per person and federal government spending was approximately $12,000 per person, resulting in a budget deficit.
c. $12,000 per person and federal government spending was approximately $8,000 per person, resulting in a budget surplus.
d. $8,000 per person and federal government spending was approximately $4,000 per person, resulting in a budget surplus.
b
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The growth over time in the spread between price and marginal cost of an exhaustible resource is equal to
A) zero. B) one. C) the interest rate. D) the present value of the reserves.
If good A had twice as many good substitutes as good B, but good B consumed twice the amount of a buyers income as good A, goods A and B would have the same elasticity of demand
a. True b. False Indicate whether the statement is true or false