Answer the following statements true (T) or false (F)
1) The United States has experienced both budget surpluses and deficits since 2000.
2) The public debt is the accumulation of all deficits and surpluses that have occurred through
time.
3) The public debt is held as Treasury bills, Treasury notes, Treasury bonds, and U.S. savings
bonds.
4) The crowding-out effect of the public debt may be dampened if the investment-demand curve
is shifting to the right.
1) T
2) T
3) T
4) T
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How nations benefit from trade?
Which of the following is not considered a criticism of globalization?
a. International corporations serve only the interests of the corporations. b. Globalization promotes "free" but not "fair" trade. c. Globalization encourages harmful labor practices. d. Globalization promotes only trade based on comparative, and not absolute advantage. e. Globalization occurs at the cost of environmental quality.
"In the long run, a perfectly competitive firm's average total cost is always below the market clearing price." Agree or disagree? Why?
What will be an ideal response?
By definition, a proprietorship is
A. owned by many shareholders. B. a large manufacturing concern. C. managed by a large group called the "board of directors." D. owned by a single individual.