The U.S.budget Has

question 146

Multiple Choice

The U.S.budget has

• A)always been in deficit since World War II.
• B)usually been in deficit, with a few periods of surpluses.
• C)always in balance.
• D)in balance, with some period of deficit.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive.

Market Equilibrium

A condition where the quantity supplied equals the quantity demanded at the market price.

Price Ceiling

A price ceiling is a government-imposed limit on the price charged for a product, intended to ensure the good remains affordable for consumers.

Widgets

A generic term for any hypothetical or unspecified product or manufactured good used in discussions of business and economics.