When the government's outlays equal its tax revenues, then the budget
A) is balanced.
B) could be either in surplus or deficit.
C) is legal only because expenditures equal tax revenues.
D) is in surplus.
E) is in deficit.
A
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Refer to the above figure. The shape of the production possibility curve indicates that production of
A) wheat is characterized by increasing costs while the production of beans is characterized by decreasing costs. B) wheat is characterized by decreasing costs while the production of beans is characterized by increasing costs. C) both goods are characterized by increasing costs. D) both goods are characterized by decreasing costs.
Which of the following statements is true regarding the opportunity cost of time?
a. Retired people are more likely to visit supermarkets than farmers' markets. b. Students are more likely to visit farmers' markets even during exams. c. Working professionals are more likely to frequent convenience stores. d. The opportunity cost of time for farmers and buyers participating in the farmers' market is usually very high.