The government's budget deficit or surplus equals the...
a) change in outlays divided by change in revenue
b) average outlay divided by average revenue
c) change in revenue minus change in outlays
d) total tax revenue minus total government outlays
d) total tax revenue minus total government outlays
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If total cost is $1,000 when output is zero, and total cost is $1,200 when output is one, and total cost is $1,500 when output is two, then which of the following is true?
a. Total fixed cost is $1,500. b. The marginal cost of producing the first unit of output is $1,200. c. The marginal cost of producing the second unit of output is $300. d. The average fixed cost is $750 when two units of output are produced.
The aim of supply-side economics is to: a. increase government spending to stimulate aggregate supply
b. stimulate exports to increase the balance of payments. c. decrease wages to make production cheaper. d. lower taxes to increase the supply of resources. e. reduce both the inflation and unemployment problems through increases in taxes.