The debt burden can be passed on to future generations if public debt is
a. deflationary
b. converted into paper currency
c. turned into private debt
d. an external debt
e. crowded out
D
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In classical growth theory, if real GDP per person is above the subsistence level,
A) population grows and lowers real GDP per person to its subsistence level. B) the pursuit of profit will cause economic growth to accelerate. C) technological growth occurs and keeps real GDP per person above its subsistence level. D) the economy will keep growing without limit. E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
Every economy must answer each of the following questions except one. Which is the exception?
a. Which goods will be produced? b. Why are these particular goods produced? c. Which resources should be used? d. How should resources be combined to produce each product? e. Who will actually consume the goods produced?
The free rider problem occurs because:
a. it is easy to exclude others from consuming a good. b. consumption is rivalrous, so the consumption of a product by one individual diminishes the amount available for others. c. exclusion is costly or impossible, so a consumer or producer can use a good without having to pay for it. d. external costs are imposed on others not directly involved in the transaction. e. individuals are not required to pay for those goods which do not yield any utility to them.
In long?run equilibrium for a monopolistically competitive firm, the firm's demand curve is ________ its average total cost curve.
A. above B. below C. just tangent to D. either above or below