The United States is a net borrower. If its budget deficits rise faster than GDP, the national debt will:
A. increase both in terms of dollars and as a percentage of GDP.
B. decrease both in terms of dollars and as a percentage of GDP.
C. increase in terms of dollars but decrease as a percentage of GDP.
D. decrease in terms of dollars but increase as a percentage of GDP.
Answer: A
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As more and more resources are dedicated to an activity
a. the benefits will increase proportionately. b. the benefits will become smaller and smaller while the costs will rise. c. the demand for that activity will increase. d. the costs will be offset by the benefits received from the activity.
When net exports are negative, there is a trade ___________.
Fill in the blank(s) with the appropriate word(s).
The ATC curve is __________ and the AVC curve is __________.
A. U-shaped; U-shaped B. not U-shaped; not U-shaped C. U-shaped; not U-shaped D. not U-shaped; U-shaped
One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events. Apparently the initial price of the tickets being scalped was too
A. Low for equilibrium, resulting in a surplus of tickets. B. High for equilibrium, resulting in a shortage of tickets. C. High for equilibrium, resulting in a surplus of tickets. D. Low for equilibrium, resulting in a shortage of tickets.