How is the public debt calculated?
A. By summing the annual government purchases over time
B. By summing the annual difference between tax revenues and government spending over the years
C. By subtracting current government spending from current government tax revenues
D. By subtracting the government's total liabilities from its total assets
Answer: B
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In the labor market, if the government imposes a minimum wage that is below the equilibrium wage, then
A) workers who wish to work at the minimum wage will have a difficult time finding jobs. B) firms will hire fewer workers than without the minimum wage law. C) some workers may lose their jobs as a result. D) nothing will happen to the wage rate or employment.
Which of the following is the most accurate statement?
a. The one argument for restricting trade that almost all economists accept as valid is the infant-industry argument. b. Almost all economists insist that it is never appropriate to protect "key" industries, even when there are legitimate concerns about national security. c. The idea that one nation might want to threaten another nation with a trade restriction is associated with the protection-as-a-bargaining-chip argument for restricting trade. d. The protection-as-a-bargaining-chip argument for restricting trade is also known as the infant-industry argument.
Unemployment means
A. the same as underemployment. B. a recession. C. slow economic growth. D. that not all resources are being used.
The government uses market share figures contained in the ________to help determine whether or not it will challenge a proposed merger.
A. antitrust prohibition ratio B. Herfindahl-Hirschman Index C. concentration ratio D. Cellar-Kefauver Index