When the Fed conducts open market operations, it buys and sells:

If the federal government runs a budget _______, then the national debt becomes __________

a. surplus, larger b. deficit, smaller c. surplus, smaller d. none of the above

Economic bads are items

A) for which the produced quantity is less than the amount desired at a positive price. B) for which the desired quantity is less than what nature provides at a zero price. C) that individuals desire but which receive social disapproval. D) that receive social approval but which governments dislike.