The government budget deficit tends to decline during the expansion phase of a business cycle because tax revenues ________ and government transfer payments ________.

Which of the following statements about natural monopolies is true?

A) Natural monopolies are only found in the markets for natural resources (like crude oil and coal). B) For natural monopolies, marginal cost is always below average cost. C) For natural monopolies, average cost is always increasing. D) Natural monopolies cannot be regulated.

Bad health is an example of:

A. a poverty trap. B. a societal trap. C. a social digression. D. None of these is true.