As of 2013, the debt of the U.S. government amounted to roughly ________ per person
A) $50,000
B) $8 million
C) $500,000
D) $800
A
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When different regions of a country produce different goods,
a. the production possibilities curve shifts to the left. b. the country becomes worse off. c. the principle of comparative advantage has been breached. d. the country becomes better off if the regions are pursuing their comparative advantages.
Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens OPEC's share of the world oil market?
A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.
In a simplified banking system subject to a 25 percent required reserve ratio, a $1,000 open-market purchase by the Fed would cause the money supply to:
A. increase by $1,000. B. decrease by $1,000. C. decrease by $4,000. D. increase by $4,000.
Which of the following is a tax based on the benefits-received principle?
A. A property tax, if the revenue is used to finance public education. B. A tax added to the camping fee at national parks that is used to maintain and upgrade camping facilities at national parks. C. A tax on imports that is used to finance job retraining for workers who have lost their jobs because of the competition from imported products. D. A progressive income tax that is used to finance national defense.