The debt ceiling refers to
a. the point at which debt becomes so high that the government can become bankrupt.
b. the maximum legal amount for given year’s fiscal deficit.
c. the maximum amount of debt that can be accumulated without going back to Congress to approve a new level.
d. the amount of debt at which government spending cuts and tax increases automatically occur.
c. the maximum amount of debt that can be accumulated without going back to Congress to approve a new level.
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When consumers pay only a fraction of the true cost of medical services, their demand increases. The marginal cost of producing these extra services
A) is less than the marginal benefit consumers receive from them. B) is equal to the marginal benefit consumers receive from them. C) is greater than the marginal benefit consumers receive from them. D) is zero due to the insurance payments.
As the interest rate increases, the opportunity cost of holding money __________ and individuals choose to hold __________ money
A) rises; more B) falls; less C) rises; less D) falls; more
In which of the following actions is Agatha committing wage discrimination?
a. by paying Bob, who is very productive, more than everyone else b. by paying everyone equally regardless of education or skill c. by paying Asian employees less than white employees for the same job d. by paying women managers more than women hourly workers
Which of the following is NOT a determinant of an individual's marginal product?
A) talent B) money income C) experience D) educational level