The zero sum fallacy refers to
a. You gaining only if someone else loses
b. The allocation of the pieces of the total economic pie- if you eat the piece, I cannot consume it
c. Ignores the possibility of the total pie growing itself
d. All of the above
d
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What would happen to an economy if the government funded an increase in spending with an equivalent increase in taxes?
What will be an ideal response?
Graphically, periods of federal budget deficits appear as upward-sloping portions of the debt-to-GDP line, while periods of budget surpluses appear as downward-sloping portions of the line
a. True b. False Indicate whether the statement is true or false
A firm's marginal cost curve in a perfectly competitive product market is the same as its ________ curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its ________ curve.
A. demand; supply B. supply; demand C. supply; supply D. demand; demand
In 2013 the United Nations concluded that global warming
A. Was not scientifically proven. B. Was not occurring. C. Was the result of human activity with a 95 percent certainty. D. Was not caused by human activity.