Government deficits mean that
a. national saving is negative so public saving is negative.
b. national saving is negative so public saving is lower than otherwise.
c. public saving is negative so national saving is negative.
d. public saving is negative so national saving is lower than otherwise.
d
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When the market for a commodity is in equilibrium:
A) there will still be some unsold stock of the commodity. B) all sellers of the commodity will want to change their behavior. C) no economic agent will want to change his or her behavior. D) all buyers of the commodity will want to change their behavior.
Scarcity means
a. unlimited wants and unlimited available resources. b. unlimited wants and limited available resources. c. limited wants and limited available resources. d. limited wants and unlimited available resources.
A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
a. value of marginal analysis. b. law of increasing costs. c. difference between real costs and money costs. d. cost disease of the service sector.
Approximately 50,000 luxury boats (priced $100,000 or more) are currently produced each year. Using the economic way of thinking, how much revenue would the government actually generate with a $10,000 excise tax on luxury boats?
a. $500 million b. less than $500 million c. more than $500 million d. approximately $5 billion