The cyclically adjusted budget measures what the federal budget deficit or surplus would be at full employment output with existing tax and spending decisions.

In the long run, new firms can enter an industry and so the supply elasticity tends to be:

A. more elastic than in the short run. B. less elastic than in the short run. C. perfectly inelastic. D. perfectly elastic.

Property owned by individuals is called:

A. Common property B. Shared property C. Public property D. Private property