As a percentage of GDP, the national debt consistently
A. fell from 1950 until 1990.
B. fell from 1950 to 1975.
C. rose from 1950 to 1960, but not thereafter.
D. rose from 1950 to 1975.
Answer: B
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From 1993 to 2012, average real income for the bottom quintile of U.S. households
A) decreased by more than 10%. B) remained virtually unchanged. C) increased by about 5%. D) almost doubled.
Refer to above figure. In autarky, Country P was producing at point 5. With trade, would its production point be found above or below point 5? Explain why
What must happen in the K/L intensity ratio in the production of each of the products in this country when moving from autarky to free trade?
According to the law of supply, the higher the price the greater the quantity supplied
Indicate whether the statement is true or false
Emotions like guilt and sympathy:
A. reduce the likelihood that a transaction will maximize total economic surplus. B. can solve commitment problems, but generally reduce players' payoffs. C. can solve commitment problems. D. are irrelevant to economic decision-making.