From 1995 to 2001, the U.S. public debt relative to GDP:
A. Increased, and fell since then
B. Decreased, and increased since then
C. Increased steadily and continued to increase since then
D. Was roughly constant, but has increased since
B. Decreased, and increased since then
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U.S. data suggest that the U.S. economy is located where on the Laffer curve?
A) On the right side, after the peak in tax revenue. B) On the left side, before the peak in tax revenue. C) At the peak in tax revenue. D) The economy was on the right side before the 1980s and on the left side after 1980.
An insurance premium is:
A. the contract that reduces the financial loss associated with some risky event. B. the amount of money a policy holder pays for the insurance policy. C. the amount of money a policy holder receives if a specific loss occurs. D. the probability of loss from a specific event.
Why would someone contribute money to a 501(c) group?
A. to make a contribution using someone else's name or under a false identity B. to ensure that the money is used on advertising C. so that the funds would be matched by the federal government D. to avoid having his or her name disclosed as a donor
Which of the following best describes the law of diminishing marginal returns?
a. When more and more of a variable resource is added to a given amount of a fixed resource, the resulting change in output will eventually diminish and could become negative. b. The notion that as a person consumes more and more of a good, such as 12 ounce cups of lemonade, the marginal utility from each additional cup will tend to decline. c. The empirical fact that positive economic profits will tend to decline over time as new firms attracted by the extra-normal profit opportunity enter the market. d. When more and more capital per labor is used in production, the marginal product of labor eventually declines and could become negative.