The national debt is:
A. the difference between a nation's exports and imports of goods and services.
B. the sum of the personal debt of all citizens in the United States.
C. the cumulative effect of all past budget deficits and surpluses of the federal government.
D. equal to the current size of the budget deficit.
Answer: C
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In the above, a marginal revenue curve for a perfectly competitive firm is shown in Figure ________
A) W B) X C) Y D) Z E) X and Figure Z
Assuming that progressive taxation is desirable, a consumption tax calculated by subtracting saving from income would be preferable to a general sales-based consumption tax
a. True b. False
Steps in performing a cost-effectiveness analysis include all of these EXCEPT
a. ranking the alternative treatment options b. prioritizing the alternative treatment options c. calculating the ICER between each treatment option and the next most expensive one d. eliminate treatment alternatives that are strictly dominated
An upward-sloping supply curve of labor implies that
a. any quantity of workers can be hired at the same wage rate b. a higher wage rate is required to attract more laborers c. there is an excess supply of labor in the labor market d. the total labor cost curve is horizontal e. the marginal physical product curve of labor must also be upward sloping