The federal government ran a budget deficit of approximately ________ in fiscal year 2011
A) $14 trillion B) $800 billion C) $250 billion D) $1.3 trillion
D
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Having a comparative advantage in the production of a good implies that a country
a. should specialize in the production of the good b. is able to produce the good with fewer resources than another country c. should not specialize in the production of the good d. also has the absolute advantage in the production of the good e. cannot have an absolute advantage in the production of the good
Which of the following would not be a result of replacing the income tax with a consumption tax so that interest income was no longer taxed?
a. The interest rate would decrease. b. Investment would decrease. c. The standard of living would eventually rise. d. The supply of loanable funds would shift right.