The United States need never pay off the national debt; it can simply refinance the debt when it comes due. The flaw in thinking that the government must pay it off is based on the fallacy of
A. benefit-cost ratio.
B. post hoc, ergo propter hoc.
C. composition.
D. a priori expectations.
Answer: C
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor demanded?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
When there is a negative entry for unilateral transfers in the balance of payments, it means that
A) there must be an offsetting positive sign in the capital account. B) U.S. residents gave more to foreign residents than foreign residents gave to U.S. residents. C) U.S. residents purchased less services from foreign countries than foreign countries purchased from U.S. residents. D) U.S. residents purchased more services from foreign countries than foreign countries purchased from U.S. residents.
What type of unemployment is experienced by a Latin teacher who is laid off after 25 years of teaching at a high school because the school changed Latin from being a required to an elective course?
a. classical b. cyclical c. voluntary d. structural e. frictional
The cyclical unemployment rate can never be negative
Indicate whether the statement is true or false