The national debt is
A. The accumulation of all annual deficit and surplus flows.
B. A fairly risky asset that pays interest.
C. The amount by which government spending exceeds tax revenues for a given year.
D. The amount by which tax revenues exceed government spending for a given year.
Answer: A
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In long-run competitive equilibrium, the perfectly competitive firm produces where price equals minimum average total cost
a. What is this efficiency criterion called? b. How does it benefit consumers?
During the second half of the 19th century, export demand for U.S. agricultural products
a. declined. b. increased. c. remained static. d. experienced chaotic periods on increase and decrease.
When private ownership rights are well-defined and enforced, owners of physical assets and resources
a. have no incentive to consider the desires of others. b. incur the opportunity cost of ignoring the wishes of others. c. are not responsible if the use of their assets impose harm on others. d. have little incentive to take care of their assets.
The academic calendar for a university is August 15 through May 15. A professor commits to a contract that binds her to a teaching position at this university for this period. Based on this? information, the short run for the professor
A. will be the nine month period between August 15 and May? 15; any time period longer than this will be long run for her. B. will be the time period between August 15 and December? 31; any time period longer than this will be long run for her. C. will be the calendar year between January 1 and December? 31; any time period longer than this will be long run for her. D. will be the time period between August 15 of the current year and August 14 of the following? year; any time period longer than this will be long run for her.