During 2008 and 2009, the debt to GDP ratio in the United States
A) remained relatively unchanged, as it has since the mid 1970s.
B) fell to its lowest level since World War I.
C) is the highest it has been since the founding of the country.
D) rose to its highest level since World War II.
D
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In the above figure, how many bushels of corn are produced at point "a"?
A) 10,000 B) 2,500 C) 1,000 D) 0
After John's income rose by 8 percent, the amount of chicken he consumed fell by 2 percent. This means that
a. his income elasticity for chicken is positive b. chicken is a normal good for John c. his demand curve for chicken shifted to the left d. his demand curve for chicken shifted to the right e. John is spending more of his income on chicken than before
The marginal firm in a competitive market will earn zero economic profit in the long run
a. True b. False Indicate whether the statement is true or false
To maximize profit, a perfectly competitive firm
A) should sell the quantity of output determined by the interaction between industry demand and supply. B) should sell the quantity of output that results in a value for total revenue that is equal to total cost. C) should produce the quantity of output that results in the greatest difference between total revenue and total cost. D) should produce the quantity of output that results in the greatest difference between marginal revenue and marginal cost.