How is the public debt calculated?
A. By subtracting the government's total liabilities from its total assets
B. By cumulating the annual government purchases over time
C. By subtracting current government spending from current government tax revenues
D. By cumulating the annual difference between tax revenues and government spending over the years
D. By cumulating the annual difference between tax revenues and government spending over the years
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Goods differ on the basis of whether their consumption is rival and excludable. Explain the terms "rival," nonrival," "excludable," and "nonexcludable" as they are used to define goods
List the four categories of goods and define these categories in terms of rivalry and excludability.
Which of the following would cause aggregate demand to decrease?
A) The government increases taxes on both business and personal income. B) A drop in the foreign exchange value of the dollar C) The Fed increases the amount of money in circulation. D) Businesses and households believe that the economy is headed for good times, so they begin to feel increased security about their jobs.
Which of the five goods, A to E, whose price elasticities of demand are shown in the choices below, is the best candidate to tax if the goal is to acquire maximum tax revenue?
a. good A, with price elasticity of 0.90 b. good B, with price elasticity of 3.40 c. good C, with price elasticity of 1.25 d. good D, with price elasticity of 0.50 e. good E, with price elasticity of 1.00
A theory of ________ that concludes that the social contract emerging from the original position would call for an income distribution that would maximize the well-being of the worst-off member of society is known as Rawlsian justice.
A. labor value B. legal equity C. utilitarian justice D. distributional justice