Compared to most other industrialized countries shown in the text, the national debt as a percentage of GDP in the United States is:
a. substantially larger.
b. the same.
c. slightly larger.
d. substantially smaller.
c
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An economy in which people exchange goods and services in a market is called a
A) command economy. B) socialist economy. C) market economy. D) centrally planned economy.
In the monetary small open-economy model with a flexible exchange rate, an increase in the foreign price level has which impact on domestic money demand?
A) It increases it. B) It decreases it. C) It has no impact. D) It depends.
Consider a market with inverse demand p = 100 – 2Q. Firms have no fixed cost and constant marginal cost c
a. Derive the firms' outputs and profits when this market is served by Cournot duopolists. b. How do outputs and profits vary with c? Specifically, use calculus to find the derivative of the output of each firm and profit of each firm with respect to c. c. Suppose the firm's also have a fixed cost of F in addition to the marginal cost c. How does F alter the best response functions and NE? Explain in words. (For technical reasons, assume that both firms still produce a positive level of output in equilibrium)
The long run is a planning period:
a. during which the firm can vary all inputs including its plant size. b. less than six months. c. less than one year. d. less than five years.