The national debt:
a. is a flow variable measuring the net accumulation of past deficits
b. is a stock variable measuring the net accumulation of past deficits.
c. measures the amount by which government revenues exceed outlays in a particular year.
d. includes the projected liabilities of Social Security, Medicare, and other federal retirement programs.
e. includes outstanding liabilities of federal, state, and local governments minus government financial assets.
b
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Assume that national income = $5,000 . C = $1,000 + 0.75(Y), and intended investment = $300 . Then
a. saving at Y = $0 is $1,000 b. saving at Y = $0 is also $1,000 + 0.75 (Y) because S = C in equilibrium c. there will be $50 of unplanned investment in inventories d. actual investment will equal $250 e. national income will decrease
________: the rate of substitution or trade-off between two inputs in the production of a specific product
Fill in the blank(s) with correct word
An increase in the price level shifts the IS curve to the left.
Answer the following statement true (T) or false (F)
The table above shows the marginal costs and marginal benefits of college education. The marginal social benefit of college education at the efficient amount of enrollment is
A) $20,000 per year. B) $16,000 per year. C) $12,000 per year. D) $14,000 per year.