The public debt is the:
a. Difference between current government expenditures and revenues
b. Total of all past deficits minus all past surpluses
c. Ratio of all past deficits to all past surpluses
d. Amount of U.S. paper currency in circulation
Answer: b. Total of all past deficits minus all past surpluses
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The share of research and development funding supported by the private sector has increased over the past three decades
a. True b. False Indicate whether the statement is true or false
In a perfectly competitive market, producers:
A. can influence the price upward by restricting output. B. are able to sell as much as they want without affecting the market price. C. often undercut the competition's price and force firms to leave the market. D. None of these is true of perfectly competitive markets.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 what is the firm's economic profit?
A) zero B) $10 per hour C) -$10 per hour D) $20 per hour
Easterlin (1968, 1987) argues that as the relative price of children rises,
(a) the average household demands fewer of them. (b) society, at large, demands fewer of them. (c) society, at large, demands more of them. (d) nothing happens since the demand for children is not influenced by price.