When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing.
B) has a surplus and the national debt is increasing.
C) is balanced and the national debt is increasing.
D) has a deficit and the national debt is decreasing.
E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
A
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Which of the following is a positive statement?
A. Because many adults cannot afford to go to college, tax credits for tuition should be introduced. B. When a country imports more than it exports, its balance of trade is negative. C. The price of drugs in the United States is too high. D. It only makes sense to offer financial aid for students who cannot pay some of their tuition. E.The President of the United States ought to be elected by a direct vote of the American people rather than the Electoral College
Suppose there is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The owner, obviously, is ________ and the marginal revenue of the 200th gallon of gas is __________
a. a perfect competitor (because all gas stations are perfect substitutes); $.01 b. a monopolist; $1 c. a monopolist; $2.99 d. in monopolistic competition (because gas is perceived as a differentiated product); $3 e. in monopolistic competition (because gas is perceived as a differentiated product); $600