Gross public debt is the amount of funds that
A. the federal government owes to taxpayers.
B. the federal government owes to all holders of U.S. securities.
C. U.S. residents owe to foreign residents.
D. states owe to the federal government.
Answer: B
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Other things remaining the same, which of the following is likely to happen if there is a decrease in the price of flour products?
A) There will be a decrease in both the wage rate and the employment levels in the flour industry. B) There will be an increase in both the wage rate and the employment levels in the flour industry. C) There will be an increase in the wage rate and a decrease in the employment levels in the flour industry. D) There will be a decrease in the wage rate and an increase in the employment levels in the flour industry.
Refer to the scenario above. Which of the following will happen if the equilibrium price charged by the firm in the short run is $130?
A) The firm will earn positive economic profits and continue production. B) The firm will incur a loss but continue production. C) New firms will enter the industry in the long run. D) All firms will incur losses in the long run.
From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.
Trade restrictions like tariffs and quotas will
a. protect American jobs and increase employment. b. ensure that more dollars stay in the United States. c. reduce the value of goods and services that we will be able to produce and consume. d. make all Americans better off.