Which of the following is true?
a. The federal budget deficit is a flow and so is the national debt.
b. The national debt is both a stock and a flow.
c. The federal budget deficit is a stock and the national debt is a flow.
d. The federal budget deficit is a flow and the national debt is a stock.
e. The federal budget deficit is a stock and so is the national debt.
D
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Which of the following is true?
A) MSB = MB + Marginal external benefit. B) MB = Marginal external benefit - MSB. C) MB = Marginal external benefit + MSC. D) MSB = Marginal external cost - marginal external benefit. E) MSB = MB + Marginal external benefit - Marginal external cost.
How do markets provide for an efficient allocation of scarce resources?
What will be an ideal response?
When a product transformation curve is bowed outward, there are ________ in production
A) economies of scope B) economies of scale C) diseconomies of scope D) diseconomies of scale E) none of the above
If there are high transportation costs
a. the terms of trade will also be high b. the result could be incomplete specialization c. large countries will have an advantage in trading with small countries d. small countries will have an advantage in trading with large countries e. trade will be based on absolute advantage rather than comparative advantage