A deficit will burden future generations
a. because the obligation to pay it off must be faced sooner or later.
b. if it produces higher interest rates when the economy is near full employment.
c. because future generations will have to pay taxes to fund the interest payments to Americans who hold the debt.
d. All of the above are correct.
b
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Most markets involve the use of money for transactions because:
a. goods and services can be exchanged more easily with money than without it. b. goods and services cannot be exchanged without money. c. using money requires a double coincidence of wants. d. the transaction costs of using money are very high. e. the value of money remains same across countries over time.
Antipoverty programs funded by taxes on the wealthy are sometimes advocated on the basis of the benefits principle
a. True b. False Indicate whether the statement is true or false
Implicit and explicit costs are different in that:
A. explicit costs are opportunity costs; implicit costs are not. B. implicit costs are opportunity costs; explicit costs are not. C. the latter refer to nonexpenditure costs and the former to monetary payments. D. the former refer to nonexpenditure costs and the latter to monetary payments.
Union membership, in terms of percentage of the U.S. civilian labor force
A. was over 50 percent in 2020. B. has increased steadily since the passage of the Wagner Act. C. has increased dramatically since 1970. D. peaked about 1960 and has since declined.