The percentage of the federal debt owned by trust funds has
A. increased in good times and decreased in bad times.
B. remained remarkably constant over the past 20 years.
C. decreased consistently over the past 20 years.
D. increased consistently over the past 20 years.
Answer: D
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The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market, this is an example of
A) a higher price elasticity of supply in the long run. B) a higher price elasticity of supply in the short run. C) a higher price elasticity of demand in the short run. D) an inelastic long-run supply of oil.
In the year 2010, the richest fifth of the American population earned close to:
a. 50% of the total income. b. 20% of the total income. c. 30% of the total income. d. 80% of the total income.
Suppose the state of Illinois passes a law that bans smoking in restaurants. As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there. Which of the following principles does this best illustrate?
a. People respond to incentives b. Rational people think at the margin c. Trade can make everyone better off d. Markets are usually a good way to organize economic activity
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.