The amount by which government expenditures exceed revenues during a particular year is the:
A. public debt.
B. budget deficit.
C. full employment.
D. GDP gap.
B. budget deficit.
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Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A) a higher price and greater output. B) a lower price and less output. C) a higher price and less output. D) a lower price and greater output.
When there is an excess quantity supplied in the market
A) the price of the product will increase, causing a decrease in demand and an increase in supply. B) the price of the product will increase, causing a decrease in quantity demanded and an increase in supply. C) the price of the product will decrease, causing an increase in quantity demanded and a decrease in quantity supplied. D) the price will increase, causing a decrease in demand and an increase in quantity supplied.