When the government runs a budget deficit, we would expect to see that

A series of ascending indifference curves is called

a. a demand curve b. a budget constraint c. an indifference map d. marginal-utility-to-price ratio curves e. consumer surplus

Suppose the government imposes a 50-cent tax on the sellers of packets of chewing gum. The tax would

a. shift the supply curve upward by less than 50 cents. b. raise the equilibrium price by 50 cents. c. create a 50-cent tax burden each for buyers and sellers. d. discourage market activity.