The public debt is the sum of all of the previous
A. expenditures of the federal government.
B. budget deficits of the federal government.
C. budget deficits less the budget surpluses of the federal government.
D. budget surpluses less the budget deficits of the federal government.
C. budget deficits less the budget surpluses of the federal government.
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According to the Weak Coase Theorem, in the absence of transactions costs, the assignment of property rights has no effect on
a. damages paid by liable parties. b. the distribution of income. c. the allocation of resources. d. economic efficiency.
If a government had a debt of $300 billion and then ran deficits of $200 billion each year for the next three years, by the end of the third year its total debt would be
A) -$300. B) $300 billion. C) $600 billion. D) $900 billion.
What important function does adjudication perform in the process of reducing negative externalities?
A) It allocates the revenue from negative externalities to the people who have been damaged. B) It arbitrates between beneficiaries of negative externalities and the people who must bear their costs. C) It decides whether punitive or merely compensatory damages will be awarded. D) It discovers who has which rights. E) It imposes criminal penalties on the people responsible for generating negative externalities.
Risk that is common to all assets of a certain type is referred to as
A) systematic risk. B) unsystematic risk. C) idiosyncratic risk. D) structural risk.