According to Congressional Budget Office (CBO) projections:
A. budget deficits are expected to give way to surpluses by the year 2017.
B. Social Security will become insolvent by 2017.
C. expiration of tax cuts in 2015 will cause the budget deficit to rise to record highs by 2017.
D. budget deficits are expected to remain large for the next several years.
D. budget deficits are expected to remain large for the next several years.
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If the nominal interest rate is 4 percent and the inflation rate is 1 percent, then the real rate of interest is
A) 1 percent. B) 3 percent. C) 4 percent. D) 5 percent.
A single-price monopoly transfers
A) consumer surplus to producers. B) producer surplus to consumers. C) economic profit to consumers. D) economic profit to the government. E) economic profit to deadweight loss.