U.S. Treasury bonds owned by U.S. households, institutions, and government entities are referred to as
A. Internal debt.
B. Debt refinancing.
C. Debt servicing.
D. External debt.
Answer: A
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During October and November 2008, gasoline prices were falling dramatically, making travel by car less expensive but air travel prices were as high as ever. What is TRUE about consumer preferences, possibilities, or choices?
A) The relative price of air travel in terms of travelling by car decreases. B) If travelling by car is a normal good, both the substitution and income effects would lead to a decrease in travelling by car. C) The consumers' budget line would shift outward and its slope would not change. D) If air travel is a normal good, both the substitution and income effects would lead to an increase in air travel.
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a ten cent specific tax on the good sold by the firm will cause the firm to
A) demand less labor. B) demand more labor. C) offer its workers only $4.90 per hour. D) hire 0 units of labor per hour.
In the market for labor:
A. individuals make up the demand. B. firms create the supply. C. the price in the market is the wage. D. individuals are never paid above their productivity.
Consider a consumer choosing between spending her money on food, F, or clothing, C. Assume that a unit of food and a unit of clothing have the same price, and that the consumer can afford a total of 20 units of either food or clothing. The benefit of food is given by B(F) = 100?F, with MB(F) = 50/?F. The benefit of clothing is given by B(C) = 25C, with MB(C) = 25. How many units of clothing should the consumer buy?
A. 0 B. 2 C. 4 D. 6