The budget of an economy is said to be in deficit when:
a. federal outlays exceed revenues
b. federal revenues exceed outlays.
c. anticipated inflation rate exceeds its actual rate.
d. there is a loss of value of a country's currency with respect to one or more foreign reference currencies.
e. anticipated interest rate exceeds its actual rate.
a
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Perfect competition is a market structure
A) in which any firm would have serious impediments to entry or exit. B) in which individual buyers and sellers have no effect on the market price. C) resulting from individual firms selling highly differentiated products. D) where there is significant regulation and markets are always efficient.
As prices rise, people will buy fewer goods and services because:
a. the interest rate has declined. b. aggregate demand has increased. c. the purchasing power of the fixed quantity of money has declined. d. the income of households has increased.