Starting from a balanced budget, which of the following would NOT cause a government budget deficit?
A) A decrease in taxes
B) An increase in spending of goods and services
C) An increase in transfer payments
D) A 50 percent increase in spending accompanied by a 50 percent increase in taxes
Question 2
Which of the following statements is FALSE?
A) Comparative advantage is the principle upon which trade patterns are based.
B) Opportunity cost measures the real cost to a country of producing a certain product.
C) The gains from trade are the result of differences in opportunity cost and comparative advantage.
D) A country that possesses an absolute advantage will always have a comparative advantage.
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