Which of the following observations is true of the federal budget between 1960 and 2010?
a. The federal budget was in deficit in the early 1960s.
b. Between 1960 and 1970 the federal budget deficit reflected a sharp increase.
c. The federal budget was in surplus between 1970 and 1980.
d. The federal budget deficit was the highest in the late 1990s.
e. The federal budget deficit was lower than 600 billion dollars in 2010.
e
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The above figure shows the U.S. market for wheat. With international trade, consumer surplus is equal to ________
A) area A + area B + area C B) area E + area F C) area B + area C + area D D) area A + area B + area C + area D E) area A
According to the law of demand, other things being equal
A) when the price a good goes up, then people buy more of that good. B) when the price a good goes down, then people buy more of that good. C) when people's income goes down, then they buy less of a good. D) when people's income goes up, then they buy less of a good.