Budget surpluses exist when:
a. government spending exceeds its tax revenues
b. government tax revenues exceed its spending.
c. government spending equals its tax revenues.
d. expansionary fiscal policies increase real GDP and the price level.
b
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Real income for a given year would be less than nominal income in that year if:
a. the consumer price index was less than 100 in that year. b. nominal income in that year was greater than nominal income in the previous year. c. nominal income in that year was less than nominal income in the previous year. d. the consumer price index was greater than 100 in that year.
When the slope of the total production curve begins to flatten:
A. the marginal product must be decreasing. B. diminishing marginal product must be occurring. C. additional inputs adds less to total production than the inputs added before. D. All of these are true.