The structural deficit can be defined as
a. the deficit that is structurally obstructing economic recovery to reach level of high employment.
b. a hypothetical construct that estimates the deficit, given current tax rates and expenditure policies, if the economy were operating at some fixed high-employment level.
c. the deficit necessary to restructure the economy and reach a desired high-employment level.
d. the deficit that would prevail if fiscal policy were structured differently in order to reach a desired high-employment level.
b
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If an economy is closed and if it has no government, then
a. national saving = private saving. b. total income = consumption + investment. c. saving = total income - consumption. d. All of the above are correct.
Which of the following has a production process that would be considered capital intensive?
A. Auto manufacturing B. A chorale C. Serving food at a restaurant. D. Police detective work