Suppose Long-Run Equilibrium Is Present and the Government Budget Is

question 63

Multiple Choice

Suppose long-run equilibrium is present and the government budget is in balance.Which of the following would be most likely to occur if the economy falls into a recession?

• A)a budget surplus
• B)the budget will remain balanced
• C)a budget deficit
• D)revenues from taxes will increase

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Definitions:

Mass Literacy

The condition or quality of being able to read and write on a level that is sufficient for most practical and everyday purposes, widely spread across a large population.

Catholic Church

The largest Christian church, led by the Pope, emphasizing sacramental worship and the doctrine of apostolic succession.

Latin Bible

The collection of biblical texts originally written in Hebrew, Aramaic, and Greek, translated into Latin, known as the Vulgate, which was the standard Bible of Western Christianity for many centuries.

Cultural Capital

denotes the non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, or dress.