Which would be considered a real burden of the public debt on the domestic output of the United States? Public debt that is held by:
A. foreign corporations.
B. the Federal Reserve System.
C. U.S. citizens.
D. domestic corporations.
Answer: A
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The long-run price elasticity of demand is usually larger than the short-run price elasticity of demand because:
a. demand curves tend to become steeper over time. b. economists take the absolute value of long-run price elasticities but not of short-run elasticities. c. people have more time to find substitute goods. d. incomes tend to rise over time. e. supply curves change over time.
A firm's value added is
a. the revenue it receives by selling its output b. usually not included in GDP c. the revenue it receives for its output, minus the cost of all the intermediate goods it buys d. the revenue it receives for its output, plus the cost of all the intermediate goods it buys e. the revenue it receives for its output, minus the taxes that it pays
A cut in the income tax rate designed to encourage household consumption is an example of:
(a) Expansionary demand-side policy; (b) Contractionary demand-side policy; (c) Expansionary supply-side policy; (d) Contractionary supply-side policy.
Which of the following examples shows a resource being used?
a. Japan exports cameras. b. Wilson produces tennis racquets. c. Jessica earns $50 dollars. d. Adam adds vanilla to the cookie dough.