The public debt is the
A. accumulation of all past deficits minus all past surpluses.
B. amount of U.S. paper currency in circulation.
C. ratio of all past deficits to all past surpluses.
D. difference between current government expenditures and current tax revenues.
Answer: A
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Refer to Figure 13.2. The technical name given to Alice, based on her position in the figure, is the
A) election moderator. B) median voter. C) irrelevant alternative. D) strategic voter.
What would be the effect of an increase in the European Money Supply in the Dollar Euro Exchange Rate?
What will be an ideal response?
In a labor-market separating equilibrium with high-skill and low-skill workers and where a costly educational degree is used solely as a signal device, government can increase total social welfare by
A) subsidizing school for low-skill workers. B) subsidizing school for all workers. C) eliminating schooling, i.e., banning wasteful signaling. D) subsidizing school for high-skill workers.
Economies of scale can result from
A) larger machines. B) specialization. C) large purchases. D) all of these choices.