A budget deficit is the:
A. total amount of money that a government owes.
B. amount of money a government spends beyond the net revenue it brings in.
C. total amount of money that a government spends for discretionary policies.
D. amount of net revenue a government brings in beyond what it spends.
Answer: B
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"Redistributing income in order to have a more equal distribution in the United States would result in a higher level of total consumer satisfaction." This statement is based on the concept that:
A. Income inequality is unfair B. Income inequality is undemocratic C. Income equality stimulates efficiency D. Incomes are subject to diminishing marginal utility
The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A. physical capital B. human capital C. labor D. entrepreneurship