The largest percentage of U.S. national debt to GDP occurred during
A. World War II.
B. The Civil War.
C. The Great Depression.
D. World War I.
Answer: A
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The best measure of how much output the average person would get if all output were divided evenly among the population would be
A. GDP. B. The capital stock of the economy. C. The economic growth of the economy. D. Per capita GDP.
In the short run, when a monopolist incurs a loss, it will
A. produce as long as total revenue is sufficient to cover variable costs. B. always shut down. C. produce as long as total revenue is sufficient to cover fixed costs. D. always produce where marginal cost equals marginal revenue.
The tax on gasoline causes deadweight losses, as is the case with all taxes
a. True b. False Indicate whether the statement is true or false
The In the News article in the text titled "Fiscal Policy in the Great Depression" discusses fiscal spending and taxation. During the Great Depression, the federal government pursued a policy of fiscal restraint that led to
A. An increase in aggregate demand. B. An increase in taxes. C. A decrease in the structural deficit. D. An increase in the structural deficit.