The public debt is
A. the total value of all outstanding federal government securities.
B. a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period.
C. an excess of government spending over government revenues during a given time period.
D. all federal government debt irrespective of who owns it.
Answer: A
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The Keynesian short-run aggregate supply curve is demonstrated graphically as a
A) vertical line. B) horizontal line. C) upward sloping curve. D) downward sloping curve.
Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today?
A firm with two factories, one in Michigan and one in Texas, has decided that it should produce a total of 500 units of output in order to maximize profit. The firm is currently producing 200 units in the Michigan factory and 300 units in the Texas factory. At this allocation between plants, the last unit of output produced in Michigan added $5 to total cost, while the last unit of output produced in Texas added $3 to total cost. The firm
A. should produce 250 units in each factory. B. should produce more in the Michigan factory and less in the Texas factory. C. should produce more in the Texas factory and less in the Michigan factory. D. is maximizing profit; should keep producing 200 units in Michigan and 300 units in Texas.
Deadweight loss refers to
A) losses in consumer surplus associated with excess government regulations. B) situations where market prices fail to capture all of the costs and benefits of a policy. C) net losses in total surplus. D) losses due to the policies of labor unions.