Author Question: When the government's outlays equal its tax revenues, then the budget A) is balanced. B) could ... (Read 64 times)

JMatthes · **on:** Jun 29, 2018

When the government's outlays equal its tax revenues, then the budget

A) is balanced.
B) could be either in surplus or deficit.
C) is legal only because expenditures equal tax revenues.
D) is in surplus.
E) is in deficit.

Question 2

Gasoline prices increase by 50 percent and other things remain the same. As a result, there is

A) an increase in the demand for gasoline.
B) a decrease in the demand for gasoline.
C) no change in the quantity of gasoline demanded.
D) a decrease in the quantity of gasoline demanded.
E) More information is needed to determine if the demand for gasoline increases or decreases.