At a given point in time, if all past deficits and surpluses were added, we would get the
A. Ricardian model.
B. debt.
C. crowding-out model.
D. total amount of excess burden.
B. debt.
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Refer to Figure 14-1. If Lexus lowers its price, will this deter BMW from entering the market?
A) Yes, because BMW will make a smaller profit than Lexus if it chooses to compete. B) No, because BMW will be able to break Lexus' first-mover advantage. C) No, because BMW will still make a profit of $120 if it competes with Lexus. D) Yes, because BMW stands to lose $100 million if it competes with Lexus.
Only long-run changes in output can be brought about by unexpected change in policy
a. True b. False Indicate whether the statement is true or false
Describe two ways that public policy could reduce the natural rate of unemployment
Each of these is a craft union except
A. the plumbers' union. B. the textile workers' union. C. the musicians' union. D. the air traffic controllers' union.