Net public debt is the
A) difference between tax revenues and government expenditures each year.
B) sum of accumulated government deficits and surpluses held by individuals and businesses and foreign institutions.
C) sum of accumulated government deficits and surpluses held by U.S. government agencies.
D) sum of accumulated government deficits and surpluses held by large money center banks.
B
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Net exports is a positive number when a nation ________.
A. simply exports goods and services to other nations B. exports more goods and services than it imports C. exports fewer goods and services than it imports D. increases its exports of goods and services
Which of the following must be true if average total costs are declining?
a. Marginal cost is less than average total cost. b. Marginal cost is less than average variable cost. c. Marginal cost is greater than average total cost. d. Marginal cost equals average total cost.
If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. higher average labor productivity. B. lower average labor productivity. C. the larger population. D. the smaller population.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.