U.S. interest payments on the federal debt as a percentage of federal outlays are lower today than in the 1990s
a. True
b. False
Indicate whether the statement is true or false
True
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The Ricardian two-country two-good model predicts that there are potential benefits from trade, but NOT
A) the effect of trade on income distribution. B) the mechanism that determines which country will specialize in which good. C) when one country has an absolute advantage in the production of both goods. D) when one country has significantly lower wages than the other country. E) when both countries have the same types of technology available.
Products sold by monopolistically competitive firms are perfect substitutes of each other
a. True b. False Indicate whether the statement is true or false
The exchange rate is $1 = 110 yen. If the price of a Japanese good is 37,500 yen, what is the approximate price of the good in dollars?
A) $29.45 B) $4,125,000 C) $294.49 D) $340.91 E) none of the above
Payments by the government to the public for which the government receives no current goods or services in return are called:
A. capital losses. B. net taxes. C. public saving. D. transfer payments.