Which of the following is an example of a positive economic statement?
a. The economy's real output increased at about 3 percent last year and the unemployment rate decreased.
b. A central bank should not print too much money because inflation could result.
c. Congress should stabilize the social security system by raising taxes now.
d. The government farm products surplus should be distributed to the needy.
a
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A government balanced budget is
A) an excess of government spending over government revenues during a given time period. B) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. C) the total value of all outstanding federal government securities. D) all federal government debt irrespective of who owns it.
The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism. B) cartelization. C) the capture theory. D) the control theory.