In an efficient economy,
a. no one could be made better off by a change in the way goods are allocated
b. revenue for all firms is maximized
c. a change in the way goods are allocated could make someone worse off
d. goods are allocated fairly among individuals
e. no one would be made worse off if there is a change in the way goods are allocated
C
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When the federal government is running a budget deficit,
a. government revenues exceed government expenditures. b. government expenditures exceed government revenues. c. the economy must be in an economic recession. d. the size of the national debt will decline.
Budget projections for 2014-2020 indicate both higher levels of government spending and large budget deficits. According to the Keynesian view, this will lead to
a. an increase in aggregate supply during that decade. b. weak aggregate demand and a continuation of recessionary conditions. c. an increase in aggregate demand and real output. d. higher interest rates and taxes that will retard future growth.