When economists express the deficit, they generally do it as:
A. the total amount the government overspent.
B. a percentage of the amount of taxes they collect.
C. a percentage of total GDP.
D. a partitioned amount based on where the government spent the money.
Answer: C
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According to the Coase theorem, under certain conditions the market can internalize externalities.
Answer the following statement true (T) or false (F)
Which of the following supports the skeptics doubts about the idea that a "New Economy" had emerged in the late 1990s?
A) In early 2000, investment in computer equipment turned to negative growth. B) A drop in productivity growth in 2001 was followed by a bounce-back of productivity growth in early 2002. C) The opinion of Alan Greenspan, Chairman of the Federal Reserve System, concerning the pace at which technological innovations are being applied D) None of the above.
The price elasticity of demand measure is generally stated as an absolute value
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. A disadvantage of a minimum-wage law is that it may benefit unskilled workers who are not low-income workers. b. A disadvantage of a negative income tax program is that a poor person who chooses not to work many hours would receive a cash benefit. c. A disadvantage of an Earned Income Tax Credit (EITC) is that a person who is unable to work due to a disability does not benefit from the program. d. All of the above are correct.