In comparing the changes in actual budget surplus and the structural surplus between 1993 and 1999, it is clear that the
a. actual surplus rose less than the structural surplus.
b. actual surplus and the structural surplus rose about the same.
c. actual surplus rose much more than the structural surplus.
d. tax increases of 1993 decreased the structural surplus more than they decreased the actual surplus.
c
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To determine the change in the capital stock, the level of new investment must be adjusted for depreciation because some new investment
A) is not used immediately. B) replaces existing workers. C) is more efficient than existing capital. D) merely replaces existing, but worn out, capital.
If the price of a good decreases from $9 to $6 and the quantity supplied decreases from 1,500 to 1,300, using the midpoint formula the elasticity of supply equals
A) 0.20. B) 2.80. C) 0.36. D) 0.40. E) 3.20.