During Which Years Did the Country Have a Budget Deficit

question 89

Multiple Choice

$\begin{array} { c c c } \hline & \begin{array} { c } \text { Government } \\\text { outlays } \\\text { (trillions of }\end{array} & \begin{array} { c } \text { Tax revenue } \\\text { (trillions of }\end{array} \\\text { Year } & \text { 2005 dollars) } & \text { 2005 dollars) } \\\hline 2008 & 0.75 & 0.80 \\2009 & 0.80 & 0.83 \\2010 & 0.87 & 0.86 \\2011 & 0.95 & 0.95 \\2012 & 1.06 & 1.02 \\\hline\end{array}$
During which years did the country have a budget deficit?

• A)2012 only
• B)2010 and 2012
• C)all except 2011
• D)2008 and 2009
• E)2011 only

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Definitions:

Per Unit Price

The cost associated with a single unit of a product, illustrating the price at which one unit of the product can be purchased.

Elasticity Coefficient

A numerical measure of the responsiveness of the quantity demanded or supplied to a change in one of its determinants.

Linear Demand Curve

A graphical representation showing a straight-line relationship between the price of a good and the quantity demanded.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.