a. Describe fiscal policy. b. Describe the budget deficit and a budget surplus. c. Describe national debt. In economics, a budget deficit is the excess of government spending over revenue. What are the main causes of government budget deficits?
In the context of Economics, define the following term: Budget constraint. For each of the three theories for the upward slope of the short-run aggregate-supply curve; explain the following: a. how the economy recovers from a recession and returns to its long-run equilibrium wi...
Define demand schedule in economics Marginal utility is an important economic concept because it: A. Can be used to predict the amount of a good a rational consumer will purchase. B. Is the total utility a consumer receives from a good. C. Indicates the budget limitations of the consumer. ...
Economics Review for Test Be able to define the following terms: Surplus Shortage Inflation Deflation Recession Depression Fiscal Monetary Trade Deficit Unemployment Answer the following questions 1.What determines the strength of the U.S.? 2.What is indicated by an increase in production? 3.What a...
Define the terms shortage and surplus. Explain how each impact the prices of goods in the marketplace. In Economics, define or describe the following: Cross-Price Elasticity of Demand. Is the demand for overall healthcare more elastic or inelastic? What implication does this hav...
Explain the meaning of the term budgetary deficit as is applied in economics. Explain the term "budget deficit" as it relates to business and economics. What is a market surplus, and how does the market attempt to resolve a ...
What is the elasticity of demand, and how is the notion used in economics? Explain and elaborate. How can you distinguish between income elasticity of demand and cross elasticity of demand? How can these two elasticities be used ...
What is the difference between those terms, in economics? What does "progressive taxation" mean? Define and explain the terms income tax and consumption tax. What would be the benefits of taxing consumption and not income? Will tax revenue necessarily rise if tax rates are lowered? Explain ...
Define which of the following terms is the total amount of final goods and service produced in the country that people, businesses, governments, and foreigners plan to buy? A) The supply-demand model Define the terms potential output and real output as...
surplus useful in demonstrating these effects? Define performance-based incentives and explain how they relate to managerial economics. Define explicit costs and implicit costs. Give two examples of each. How do they relate to economic profit? 1. Define and give an example of income elasticity...