Most of the U.S. national debt is owed to ____. Thus a rising national debt implies that there will be a future redistribution of income and wealth in favor of ____.
A. foreigners; foreigners
B. other U.S. citizens; bondholders
C. foreigners; those needing government services
D. other U.S. citizens; those needing government services
Answer: B
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The calculated price elasticity of demand:
A. is always a negative number, although it is sometimes reported as an absolute value. B. is sometimes negative and sometimes positive, depending on the magnitude of response. C. is always a positive number, because price and quantity are directly related in terms of demand. D. can be positive or negative, but is always reported as an absolute value.
An increase in the price of plastic raises the cost of manufacturing DVDs. As a result, the market changes to a new equilibrium because of a(n):
a. surplus of DVDs. b. increase in the demand for DVDs. c. leftward shift in the demand curve for DVDs. d. leftward shift in the supply curve for DVDs.
If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples. b. three oranges. c. two apples and three oranges. d. two apples or three oranges, whichever you value more. e. the difference in the prices of the three options.
The relationship between money and gross domestic product is shown by the equation of exchange
a. True b. False Indicate whether the statement is true or false