The Federal Budget Exhibited a Surplus Equal to 0

question 178

Essay

The federal budget exhibited a surplus equal to 0.6 percent of GDP in 2008, but moved to a deficit of 0.4 percent of GDP in 2009.Some people want to blame the deficit solely on tax cuts, but others argued that the deficit grew because of the recession suffered in 2008-2009.Evaluate the validity of the second argument.

Analyze the impact of a tax on the number of units bought and sold.

Understand the impact of taxation on labor income and the overall tax burden for workers.

Understand the components and function of single-phase motor windings.

Identify the purpose and characteristics of various types of capacitors in single-phase motors.

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Definitions:

Market Price

The price at which a good or service is bought and sold in a marketplace, determined by the forces of supply and demand.

Perfect Competitors

Firms operating in a market where there are many sellers and buyers, products are homogenous, and there is free entry and exit from the market.

Short Run

A period in economics during which at least one input (like factory size) is fixed and cannot be changed, contrasting with the long run where all inputs can be varied.

Industry

is the aggregate of manufacturing or technically productive enterprises in a particular field, characterized by the goods or services they produce.