If the net public debt expanded last year, then which of the following most likely occurred during the year?
A. The government experienced a budget surplus.
B. The government's budget was balanced.
C. The government's tax collections exceeded its spending.
D. The government experienced a budget deficit.
Answer: D
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When the dollar appreciates, the cost to Americans of foreign goods
A. rises and the CPI falls. B. rises and the CPI rises. C. falls and the CPI rises. D. falls and the CPI falls.
Answer the following statement(s) true (T) or false (F)
1. Nonexcludability refers to the possibility that the benefits of consumption can be shared. 2. The market demand for a public good such as environmental quality is found as the horizontal sum of all the individual demands for that good. 3. If the market for a public good is comprised of two consumers, 1 and 2, who have individual demands of p1 = 100 – 0.2QD and p2 = 250 – 0.5QD, then the market demand function would be P = 350 – 0.7QD. 4. If the third-party effects of a good generate benefits to a third party, it is a positive externality. 5. If MSC = 40.0 + 0.25Q, and MPC = 40.0 + 0.14Q, then production is associated with an externality specified as MEC = 40.0 + 0.36Q.
Suppose the United Automobile Workers union agrees to accept lower wages for members if the automobile manufacturers lower their prices to buyers
Will the UAW's measures usually result in a larger number of cars being sold and hence more jobs for UAW members? A) No, because people only buy new cars when they need them. B) Not if the price elasticity of demand for new cars turns out to be less than one. C) Only in the unlikely event the demand for new cars is unit elastic. D) Probably not, because new car sales depend on advertising. E) Yes.
In the above figure, the curve's slope is
A) positive and is becoming steeper. B) positive and is becoming less steep. C) negative and is becoming steeper. D) negative and is becoming less steep.