What is the most likely result of new U.S. government programs beginning without any budget to pay for them?
A. Citizens in the future will have fewer services or higher taxes.
B. Politicians will have less chance of being re-elected to office.
C. Americans will offer to pay higher taxes to balance the budget.
D. Goods and services will continue to become more expensive.
A. Citizens in the future will have fewer services or higher taxes.
What is the best definition of gross domestic product, or GDP?
A. money paid to the government in taxes to support public goods and services
B. the value of all goods and services produced within domestic borders
C. the value of exports minus the total value of imports
D. a period of decline in overall income and employment
B. the value of all goods and services produced within domestic borders
In a circular flow diagram, what flows from households to businesses?
A. income
B.land
C.expenditures
D. goods