When the government's spending is less than tax revenue, it implies that:
a. the government budget is balanced.
b. the government is running a deficit.
c. there is a budget surplus.
d. there is a higher chance of default by the government.
e. the government needs to borrow from the central bank.
c
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If automobile commuters are asked in a survey whether their city needs additional freeways, the answers will reveal
A) almost nothing about the demand for freeways. B) only one portion of the demand for freeways. C) the demand for freeways but from a biased grou
In a market capitalist economy:
A) factors of production are owned privately and decisions about their use are basically made by individuals. B) factors of production are owned by the government but decisions about their useare made privately. C) private ownership exists but decisions about resource allocation are usually made centrally by the government. D) there is no role for the government.