Which of the following is true of government debt?
a. The interest payments on federal bonds held by Americans will be paid to investors in other countries.
b. The share of the federal debt held by foreigners has declined from 35 percent of GDP in 1990 to less than 10 percent of GDP in 2012.
c. Between 2000 and 2012, federal debt owed to foreigners has risen from approximately 10 percent to 35 percent of GDP.
d. Less than 5 percent of the federal debt is owed to foreigners.
C
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In considering the relationships between price and quantity demanded, ceteris paribus directs the economist to assume that
A) price increases affect quantity. B) quantity increases affect prices. C) either price nor quantity affect demand. D) all other variables remain unchanged.
What are the problems that arise when a commodity is used as money?
What will be an ideal response?
In the (consumption,leisure) space, indifference curves as we have assumed them are
A) downward sloping and bowed out of the origin. B) downward sloping and bowed towards the origin. C) upward sloping and bowed out of the origin. D) upward sloping and bowed towards the origin.
Why was the Munn v Illinois (1877) court case particularly important with regard to government regulation?
(a) It upheld the traditional right of businesses to act freely without interference by government. (b) It established the right of government at any level to regulate any business activity if it was deemed desirable for any reason. (c) It established the right of government to regulate any and all businesses wherever it was deemed desirable to promote competition. (d) It established the right of government to regulate any business that had become "clothed in the public interest."