The federal budget is defined as
A) an annual statement of expenditures and tax revenues of the U.S. government.
B) a monthly statement of whether the U.S. government is in deficit or surplus.
C) a monthly statement of expenditure laws passed by the U.S. government.
D) an annual statement of what policy actions the U.S. government has pursued.
E) an annual statement of U.S. government violations of international laws.
A
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A country has a comparative advantage in the production of a good if it can
A) trade off producing the good for another good. B) produce more of the good than another country. C) produce the good on and remain on its production possibilities frontier. D) produce more of the good most efficiently. E) produce the good at the lowest opportunity cost.
Which of the following is an observation made by economist Michael Kremer?
a. World growth rates increased as the population increased. b. Technological progress allows for increasing population because of advances in agriculture. c. World population is growing so rapidly that soon it will outstrip natural resources and our standard of living will decline. d. All of the above are observations made by Kremer.