A balanced budget occurs when
A) the national debt is reduced to zero dollars.
B) a budget deficit during one year is matched by a budget surplus in the next year.
C) transfer payments equal tax revenues.
D) government expenditures equal tax revenues.
E) the deficit-GDP ratio equals one.
D
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If you paid $100 for a truckload of cabbage on Monday, how much should you be willing to sell it for on Friday, the day before it spoils?
a. $100 b. $100 plus normal accounting profit c. $50 because it has lost value since Monday d. whatever you can get for it
The basic activity of a firm is
A) to set the prices of its products as high as possible. B) to compete with other firms that produce similar products. C) to provide jobs for its employees. D) to use inputs to produce outputs of goods and services.