The total debt of the United States is $15 billion and the amount of government debt held by private investors is $6 trillion. The difference between these two is debt:
A. held by U.S. financial institutions.
B. that has been adjusted for the effects of inflation.
C. held by foreigners.
D. held by some parts of the government itself.
Answer: D
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Which of the following goods is likely to have the lowest price elasticity of demand?
A) Life-saving drugs B) Potato chips C) Chocolates D) Decorative flowers
In the capital market, the rental price is what a:
A. producer pays to use a factor of production for a certain period or task. B. producer pays to gain permanent ownership of a factor of production. C. consumer pays to use labor or land services for a certain period or task. D. consumer pays to gain permanent ownership of a factor of production.
Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need. b. government levies heavy taxes on households and firms. c. human beings become satiated as consumption increases. d. human wants are nearly unlimited relative to the availability of resources. e. productive resources, technology, and labor are unlimited.
Because a monopolist must cut its price to increase its sales by one unit,
A. MR > P at every output level. B. MC > MR at every output level. C. P > MR at every output level. D. MC > P at every output level.