Most of the public debt can be considered a public credit.
Answer the following statement true (T) or false (F)
True
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In response to the “Great Depression 2.0,” the Obama administration responded with more tax cuts, increased federal spending, and aid to state and local governments.
Answer the following statement true (T) or false (F)
Compared to a perfectly competitive industry, a monopolist with the same marginal cost and demand curve will charge:
a. a higher price and produce a higher volume of output.
b. a lower price and produce a higher volume of output.
c. a lower price and produce a lower volume of output.
d. a higher price and produce a lower volume of output.
e. the same price and produce the same volume of output.
Other things being equal a recession is likely to
A. have no effect on federal receipts or outlays. B. increase federal outlays but have no effect on federal receipts. C. decrease both federal outlays and receipts. D. increase federal outlays and reduce federal receipts.
The figure below represents the U.S. market for steel imports from Korea. The Korean government provides an export subsidy of $25 per ton, and Korean firms use the subsidy to reduce their export price to the United States to $375 per ton.
What is the cost of the export subsidy to the Korean government?
A. $4.5 billion B. $3.75 billion C. $67.5 billion D. $375 million