The national debt includes ______.
a. the debt of state governments
b. projected Social Security costs
c. the value of all outstanding bonds
d. debt the government owes itself
c. the value of all outstanding bonds
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Which of the following statements is false?
A) Consumers receive more consumers' surplus when tariffs do not exist. B) Producers receive more producers' surplus when tariffs do exist. C) A tariff results in a net loss to society. D) With a tariff, the gains to the winners are less than the losses to the losers. E) none of the above
Based on the circular flow diagram, which of the following is part of a circular flow?
a. rest of the world’s expenditures on exports and government purchases of goods
b. household expenditures on goods and government purchases of goods
c. household expenditures on goods and firms paying wages
d. taxes paid to government and firms borrowing for investment
If there is a surplus in the oil market, then the price of oil will:
A. rise. B. fall. C. remain unchanged. D. react unpredictably.
In economic utility analysis, consumer tastes and preferences are assumed
A. given but rapidly changeable. B. given and stable for an individual. C. to be determined by income. D. to be influenced by the prices of goods.