When the government's spending is less than tax revenue, it implies that:
a. the government budget is balanced.
b. the government is running a deficit.
c. there is a budget surplus.
d. there is a higher chance of default by the government.
e. the government needs to borrow from the central bank.
c
Economics
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In the figure above, when production is 3 units with a price of $3, the producer surplus in this market equals
A) b + g. B) f + g. C) a + b + f + g. D) a + b + f + g + h + i.
Economics
Which of the following is NOT counted as an economic resource?
a. Money supply. b. Physical labor. c. Mental abilities of labor. d. Land. e. All of the above are included.
Economics