The national debt is the difference between current government expenditures and taxes.
a. true
b. false
Answer: b. false
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The "law of demand" means that the demand for any scarce good
A) is completely elastic. B) cannot be completely inelastic. C) must be inelastic. D) is only a short-run demand. E) cannot be elastic.
If a firm is achieving economic efficiency it must also be achieving technological efficiency
Indicate whether the statement is true or false
In a market with positive externalities, the market equilibrium quantity will be less than the efficient equilibrium quantity
Indicate whether the statement is true or false
Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $A. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. Which of the following expressions gives the combined profit of both firms with abatement?
A. $(1,300,000 - A) B. $(1,400,000 - A) C. $(700,000 + A) D. $(1,700,000 - A)