How large was the estimated U.S. fiscal imbalance in 2014 and how did it divide between current and future generations?
What will be an ideal response?
In 2014, the fiscal imbalance was estimated to be $68 trillion. The generational imbalance estimates suggest that the current generation will pay 83 percent and future generations will pay 17 percent of the fiscal imbalance.
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Combinations of two goods along the indifference curve yield:
a. equal prices for the two goods. b. equal marginal utilities. c. the same total utility. d. zero total utility.
In the long run, a leftward shift of the aggregate demand curve will lead to a(n):
a. increase in equilibrium output but will not change the price level in an economy. b. increase in the price level as well as the equilibrium output in an economy. c. decrease in the price level but will leave the equilibrium output unchanged in an economy. d. increase in the price level but will leave the equilibrium output unchanged in an economy. e. decrease in the price level as well as the equilibrium output in an economy.
Free trade is beneficial because it:
A) reduces competition. B) leads to less use of the world's resources. C) results in a wider array of consumer products. D) leads to the production of free goods.
Marginal utility can be thought of as
A) the incremental change in a person's total satisfaction level from the consumption of a good. B) the total change in satisfaction from buying a good. C) the additional cost of that next good purchased. D) the opportunity cost of buying the next good.