The national debt must be paid back in the future
a. True
b. False
B
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When the total U.S. production of goods and services is divided into consumption goods and services, capital goods, government goods and services, and export goods and services, the largest component is
A) consumption goods and services. B) capital goods. C) government goods and services. D) export goods and services. E) capital goods and government goods and services tie for the largest component.
In the above figure, a price ceiling of $4 would
A) result in a shortage in the long run. B) result in a surplus in the long run. C) have no effect. D) result in a surplus in the short run but have no effect in the long run.
A characteristic of a public good is
A) rival consumption. B) the exclusion principle. C) the free-rider problem. D) clear property rights.
There are two coal-burning electrical utilities—one in tiny, rural Wanunu, Montana, and another in metropolitan Detroit, Michigan—and each produces the same amount of pollution per unit of output. If a permit tax is going to be used to force these
firms to internalize pollution costs, the tax levied should be A) the same in each city. B) higher in Wanunu than in Detroit. C) higher in Detroit than in Wanunu. D) less than zero in each city.