Assume that the Cambridge k = 0.25. If the transactions demand for money is equal to $20,000, then income is equal to

Total factor productivity is

a. changes in amounts of factors of production b. changes in output due to changes in the amount of factors of production c. changes in output due to changes in productivity of factors of production d. changes in productivity of factors of production due to changes in other factors e. none of the above

The sum of public spending on goods and services and transfer payments during a given period cannot exceed tax revenues plus borrowed funds. This is the statement for

A) ad valorem taxation. B) an excise tax. C) a sales tax. D) the government budget constraint.