One difference between the federal government budget and state and local budgets is that
a. deficits in state and local governments average zero over longer periods of time.
b. cyclical deficits are zero for state and local governments.
c. state and local governments typically run surpluses.
d. both a and b.
e. none of the above.
Question 2
Early nineteenth century banks primarily
(a) enabled small savers to buy shares in a diversified portfolio of investments.
(b) accepted and managed checkable deposits.
(c) provided a broad range of financial services.
(d) relied on a federal safety fund in times of well spread crisis.
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E9-23 Prepare income statements Explain the difference in operating income