During the decade of the 1980s, the size of the national debt of the United States was cut in half
Indicate whether the statement is true or false
F
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Suppose Jerry consumes three hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1, then
a. he earned no consumer surplus b. he would have earned consumer surplus if he had eaten one more hamburger c. he was irrational d. he may have earned consumer surplus on the first two hamburgers e. he earned $1 consumer surplus on the third hamburger alone
To put government debt into perspective, it should be:
a. Compared to a nation's balance on goods and services. b. Adjusted for inflation to find the real debt. c. Adjusted by any increase in wage rates caused labor union activity. d. All the above. e. None of the above.
Keynesian theory
A. established the validity of Say's Law. B. Assumes that supply creates its own demand. C. is primarily demand-oriented. D. assigns much importance to aggregate supply and the average price level.
For a previously-illegal good, decriminalization will cause
A. demand to become less elastic. B. supply to increase. C. supply to become less elastic. D. price to fall, unambiguously.