Less of the federal debt is owned by federal, state, and local governments than is owned by foreigners
a. True
b. False
Indicate whether the statement is true or false
False
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According to economists Robert Lucas and Thomas Sargent, the apparent short-run trade-off between unemployment and inflation in the 1950s and 1960s was the result of
A) unexpected changes in fiscal policy. B) unexpected changes in monetary policy. C) expected changes in monetary policy. D) expected changes in fiscal policy.
All of the following are criticisms of the Lorenz curve analysis EXCEPT
A) income-in-kind is not figured in. B) the inequality gap is not an issue that economists study. C) different sizes of households are ignored. D) it does not take into consideration lifetime earnings.
The economic principle of _________________ implies that the value of the subject property is determined by the price that market participants would pay to acquire a substitute property of similar utility and desirability,
Fill in the blank(s) with the appropriate word(s).
There is an externality present only when
A) private costs equal social benefits. B) private benefits equal social benefits. C) private costs or benefits diverge from social costs or benefits. D) private costs equal social costs.