The above table gives the government outlays and tax revenues from 2008 through 2012 for two countries. In 2010 country A had a ________ and country B had a ________
A) budget deficit; budget deficit
B) budget deficit; budget surplus
C) balanced budget; budget deficit
D) budget surplus; budget surplus
E) budget surplus; budget deficit
B
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The Solow model is distinct from the Romer model in that an increase in population tends to cause ________
A) a permanent decrease in the standard of living in the Romer model B) an increase in spillover effects in the Solow model, but not in the Romer model C) a permanent increase in the standard of living in the Solow model D) a permanent increase in the standard of living in the Romer model
Which of the following supports the contention that pure competitors have a strong incentive to engage in R&D?
A. Entry to purely competitive industries is easy and thus profit from innovation is quickly competed away. B. Pure competitors cannot risk being complacent about innovation because a new product, production technique, or distribution method could undermine their normal profit and drive them out of the market. C. Most purely competitive industries are increasing-cost industries. D. Pure competitors are happy to earn only a normal profit.