The national debt is defined as the total
a. amount that U.S. citizens owe to foreigners.
b. value that U.S. citizens borrow from foreigners during any time period.
c. value of government's indebtedness at any moment in time.
d. amount by which government's expenditures exceed receipts during any time period.
c
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An economy of 82 million people has twenty percent of them engaged in research and development, where their productivity is 0.003
The economy is on a balanced growth path, when suddenly the productiveness of R&D rises to 0.004. For the one period that begins with this productivity increase, the growth rate of output is ________. [Refer to the instruction above.] A) 8.7% B) 9.4% C) 6.6% D) 7%
The notion of opportunity cost can be represented graphically by the
a. area inside the production possibilities frontier. b. slope of the production possibilities frontier. c. vertical distance from the horizontal axis to the production possibilities frontier. d. horizontal distance from the vertical axis to the production possibilities frontier. e. sum of the horizontal and vertical distances to the production possibilities frontier.
Suppose a study that finds that the income elasticity of demand for a public good is greater than 1. This implies that the public good should be financed through a ________ income tax system.
A. progressive B. proportional C. regressive D. collective
If you could pay for a product according to the marginal utility that you gain from additional consumption, then as you consume more of a product the price you pay would
A. remain the same. B. be deferred. C. decline. D. increase.