Which one of the following statements about public debt is most accurate?
a. Poor people are burdened by the debt because they pay more in taxes than they receive in interest
b. Poor people gain from the debt because they pay less in taxes than they receive in interest.
c. Wealthy people are burdened by the debt because they pay more in taxes than they receive in interest.
d. Wealthy people gain from the debt because they pay less in taxes than they receive in interest.
e. The debt affects the poor and rich people equally.
A
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An exogenous variable is typically ________
A) calculated by the model B) only used to conduct policy analysis C) explained inside the model D) disregarded in economic models E) none of the above
_________________—a term referring to the process whereby an economy as a whole turns economic inputs such as human capital, physical capital, and technology into output measured as GDP per capita.
a. production function b. aggregate production function c. innovation d. technological change
The long-run aggregate supply curve is ______ because along it, as prices rise, the money wage rate ________.
What will be an ideal response?
Which of the following statements is TRUE?
A. saving = personal income - consumption B. investment = disposable income + consumption C. saving = disposable income - consumption D. saving = personal income + consumption