Which of the following statements is true?
A) A budget deficit occurs when government expenditures exceed tax receipts during any single year.
B) The public debt is the total amount the federal government owes its creditors.
C) The public debt is greater than the net public debt.
D) b and c
E) a, b, and c
E
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When Keynesians argue that "correlation does not necessarily imply causation," they are probably criticizing
A) structural-model evidence. B) reduced-form evidence. C) indirect-model evidence. D) black-box evidence.
Generally, when there is asymmetric information
A) a lender will only lend to the government. B) a lender will only lend to well-known borrowers. C) practical solutions are devised to allow lending to take place. D) a lender will cease all lending activities.
Mild upward-slope of yield curve so expect _______ interest rates
Fill in the blank(s) with the appropriate word(s).
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 25 pizzas a day, its average fixed cost is ________.
A. $20 B. $5 C. $6 D. $10