The total amount of money the government owes to its creditors is the
A) federal debt.
B) federal government budget deficit.
C) federal withholding tax.
D) federal fiscal IOU.
A
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Which of the following firms is most likely to be a monopoly?
A) local restaurant B) local distributor of natural gas C) local book store D) clothing store E) local bank
The tragedy of commons is the
A) underuse of a common resource. B) absence of incentives for people to pay for what they consume. C) fact that common resources are nonrival. D) overuse of a common resource.
Damian wants to start a business where he is the only owner and the company does not issue stock. The type of business Damian wants to start is a
A) sole proprietorship. B) corporation. C) partnership. D) Any of the above could be correct.
Suppose that Spain has a comparative advantage in hats and Portugal has a comparative advantage in doormats. Under a system of free trade, each country specializes and then trades with the other. If the price increases from four hats per doormat to five hats per doormat,
a. people in Portugal will not want to buy as many hats b. Spain no longer has a comparative advantage in hats c. Portugal no longer has a comparative advantage in doormats d. some of the gains from trade shift to Portugal e. some of the gains from trade shift to Spain