The following is budget information for a hypothetical economy. All data are in billions of dollars.
Refer to the above table. The budget deficit was $75 billion in:
A. Year 2
B. Year 3
C. Year 4
D. Year 5
D. Year 5
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With an increase in the demand for a good, if prices are not allowed to increase:
A) social surplus will be maintained at maximum. B) there will be no incentive for firms to increase the quantity supplied of the good. C) a surplus will occur in the market. D) there will be an increase in overall efficiency in the market.
Suppose you read in the French daily Le Monde that saving in France in 2003 was less than the intended investment French businesses had hoped to make. You would conclude that in 2003, the French economy was
a. in equilibrium, and no change occurred in its national income b. not in equilibrium, and its national income fell c. in equilibrium, and its national income fell d. not in equilibrium, and its national income rose e. in equilibrium, and its national income rose