Which of the following statements is TRUE about the difference between the public debt and the government budget deficit?
A) The public debt is a flow measure and the government budget deficit is not a flow measure.
B) There is no relationship between the public debt and the government budget deficit since one is a stock measure and the other is a flow measure.
C) The public debt always increases while the government budget deficit may increase or decrease.
D) The public debt for this year will increase or decrease depending upon whether there is a government budget deficit or a government budget surplus.
D
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Which statement best describes the trend in land allocation laws from the Land Ordinance of 1785 to the Homestead Act of 1862?
a. The changes were more favorable to those who held a conservative belief about land allocation. b. The changes were more favorable to those who held a liberal belief about land allocation. c. There was no consistent trend in the changes; some changes favored the conservatives and others favored the liberals.
If the United States could produce 4 tons of potatoes or 2 tons of wheat per worker per year, while Ireland could produce 2 tons of potatoes or 3 tons of wheat per worker per year, the country with the comparative advantage in producing potatoes is ____ and the country with the absolute advantage in producing potatoes is ____
a. the United States; the United States b. the United States; Ireland c. Ireland; the United States d. Ireland; Ireland
Bill and Bev are playing the ultimatum game, starting with $50 . A coin flip results in Bev being the one to propose a division of the $50 . If Bev acts as economic theory assumes, she should propose that
a. she gets $30 and Bill gets $20. b. she gets $25 and Bill gets $25. c. she gets $24 and Bill gets $26. d. she gets $49 and Bill gets $1.
The factor of production called "land" can be defined as the:
A. earth and anything naturally occurring on or in it used to produce goods and services. B. fraction of total costs spent on rent, lease, or mortgage. C. earth and any structures on it that are used to produce goods and services. D. area of the earth exchanged in the real estate market by businesses.