Since 1970, the U.S. federal government had a budget surplus
A) in almost every year.
B) in a few years in the 1990s.
C) only once, in 2008.
D) The U.S. federal government has not had a budget surplus since 1970.
B
Economics
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Show that increasing returns to scale can co-exist with diminishing marginal productivity
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The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5
For Acme Company, the marginal revenue product of labor A) is $100. B) is $150. C) is $400. D) is $600. E) cannot be determined with the information provided.
Economics