Net public debt is
A. all federal public debt irrespective of who owns it.
B. all public debt minus all money owed on the federal income tax.
C. all public debt plus all government interagency borrowing.
D. gross public debt minus all government interagency borrowing.
Answer: D
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Suppose real output falls in the aggregate economy. Which is correct?
A) A real business cycle theorist thinks that there was a negative shock to total factor productivity, and that the government should therefore increase expenditures. B) A New Keynesian thinks that the output gap has fallen, and central bank's interest rate target should rise. C) A real business cycle theorist thinks that total factor productivity has risen, and that the government should do nothing . D) none of the above.
The above figure shows the payoff to two gasoline stations, A and B, deciding to operate in an isolated town. Suppose a $30 fee is required to enter the market. If firm A chooses its strategy first, then
A) firm A will not enter. B) neither firm will enter. C) both firms will enter. D) firm A will enter and firm B will not.
In a mixed-strategy Nash equilibrium, a player is willing to randomize because:
a. this confuses opponents. b. he or she is indifferent between the actions in equilibrium. c. the actions provide the same payoffs regardless of what the other player does. d. he or she does not know what the other player is doing.
In the Full Employment and Balanced Growth Act of 1978, Congress set a target rate of unemployment. The nation achieves this target rate
a. in most years b. at least once a year c. only rarely d. in election years e. at least once every five years