The bonds held in the Social Security Trust Fund
a. are a valuable asset of the federal government.
b. will generate a future stream of net income for the federal government.
c. are an IOU from one government agency (the U.S. Treasury) to another (the Social Security Administration).
d. are necessary to provide retirement benefits for future retirees.
C
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If the production technology in a Robinson Crusoe economy has increasing returns to scale, there is not competitive equilibrium.
Answer the following statement true (T) or false (F)
Suppose a market has only one seller and only one buyer of a good. The buyer has a reservation value of $25 and the seller has a reservation value of $15. The market price of the good is determined at $20
If they trade, the social surplus will be ________. A) $10 B) $20 C) $40 D) $60
The output of U.S. citizens who work in Canada would be included in the
A) gross domestic product of the United States. B) gross domestic product of Canada. C) gross national product of Canada. D) gross national product of Canada and the gross national product of the United States.
A short-run total cost function, TC = 100 + 32Q - 4Q2 + 0.4Q3, indicates the existence of
A) a linear total cost curve. B) a constant average variable cost curve. C) a U-shaped average variable cost curve. D) a constant marginal cost curve.