The budget deficit or surplus is:
A. easy to calculate since there is only one valid method for computing it.
B. easy to calculate since economists agree on how it should be computed.
C. hard to calculate even though there is only one valid method for computing it.
D. hard to calculate since economists disagree on how it should be computed.
Answer: D
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According to supply-siders, an switch from taxing income to taxing consumption to will
a. lead to a permanent increase in output-per-worker. b. lead to a temporary increase in output-per-worker. c. lead to a decline in output-per-worker. d. not change output-per-worker.
A market for a product for which demanders are willing to pay more than costs of production may not arise because of:
a. high transactions costs. b. strict price controls. c. the inability of producers to gain economies of scale. d. foreign countries dominating a domestic market for a product.