Which of the following trends has been observed in federal revenues and expenditures over time?
a. Expenditures were lower than the revenues in the 1998-2001 period.
b. Expenditures were lower than the revenues in the 1930s.
c. Expenditures were higher than the revenues in the 1998-2001 period.
d. Expenditures were more or less equal to the revenues in the 1930s.
e. Expenditures were more or less equal to the revenues in the 1998-2001 period.
Question 2
The difference between a change in quantity supplied and a change in supply is that a change in:
a. quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
b. supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
c. quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell.
d. supply and a change in the quantity supplied are the same thing.
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