The national debt is owed to which of the following?
a. The Federal Reserve system
b. Investors who buy U.S. Treasury bills, bonds, and notes
c. Federal government workers
d. Taxpayers
b
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Suppose firms in a perfectly competitive market are earning an economic profit. As new firms enter, the price ________ and the economic profit of each existing firm ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
In any year, nominal GDP divided by the GDP chain price index equals real GDP
a. True b. False Indicate whether the statement is true or false
Monetary & Fiscal policy
What will be an ideal response?
Country Y has fifteen thousand acres of land and forty-five thousand laborers, whereas the Rest of the World has one hundred thousand acres of land and two hundred thousand laborers. These countries produce a labor-intensive Good A, and a land-intensive Good B. Based on the information given here, we can conclude that
A. Country Y is relatively labor-abundant. B. the factor proportions are the same in both Country Y and the Rest of the World. C. Country Y enjoys absolute advantage in the production of Good B. D. the Rest of the World is relatively labor-abundant.