The national debt
a. is increased by budget surpluses.
b. is the value of the government's indebtedness at a moment in time.
c. exceeded $20 trillion in 2014.
d. All of the above are correct.
b
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When consumption expenditure is ________ disposable income, saving is ________
A) greater than; positive B) equal to; positive C) less than; positive D) less than; negative E) equal to; negative
The economic way of thinking assumes individuals
A) are irrational. B) are only concerned with "number one" (i.e., themselves). C) try to advance their own projects. D) cannot possibly behave in the interests of others.
The chain-weighted output index method of calculating real GDP compares
A) compares the quantities of goods produced in consecutive years using prices in both years and averaging the percentage changes in the value of output. B) quantities produced in different years using prices from a year chosen as a reference period. C) quantities produced in different years with the prices that prevailed during the year in which the output was produced. D) prices at different points in time using a sample of goods that is representative of goods purchased by households.
Figure 6-6
The purchase of premium cable channels is an “all-or-nothing” choice. Which graph in Figure 6-6 best illustrates the cable market demand curve?
A. 1 B. 2 C. 3 D. 4