The debt-GDP ratio was lower in 1997 than it was during
A) the Civil War.
B) World War I.
C) World War II.
D) all of the above.
C
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Isoquant lines represent ________ whereas isocost lines represent ________
A) technical efficiency; economic efficiency B) economic efficiency; technical efficiency C) economic efficiency; marginal costs D) input tradeoffs; economic tradeoffs
One way for the government to eliminate a negative externality is to
A) charge an emissions fee. B) set an emissions standard. C) levy an effluent charge. D) All of the above.
Holding other factors constant, bad weather causes the supply curve for agricultural products to
a. Shift to the left, causing the prices of agricultural products to rise b. Shift to the left, causing the prices of agricultural products to fall c. Stay the same d. The supply curve does not shift. Only the demand curve shifts.
The idea that business cycles are nothing more than variations in the rate of growth of a full-employment economy is proposed by
a. Keynesian theorists b. Kuznets cycle theorists c. innovation cycle theorists d. real business cycle theorists e. internal cycle theorists