According to the twin-deficit problem
A. Greece's government budget deficit weakened aggregate demand
B. Greece's government budget deficit should have eliminated its current account deficit
C. Greece's government budget deficit contributed to its current account deficit
D. none of the above
Ans: C. Greece's government budget deficit contributed to its current account deficit
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If an economic action generates more costs than benefits, the action
a. by definition increases the nation's economic welfare. b. should not be undertaken from an efficiency standpoint. c. should be subsidized by the government in order to make sure that it is undertaken. d. is desirable from a public welfare standpoint even though many individuals will be harmed.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
Which cost measures the cost to society of producing a good?
A. Social cost B. External cost C. External cost and social cost D. Internal cost
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.