The gross public debt is the
A) amount of U.S. paper currency and coins in circulation.
B) difference between current government expenditures and tax revenues.
C) ratio of past deficits to past surpluses.
D) total of all accumulated deficits and surpluses.
D
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When a firm hires labor up to the point where the wage is equal to the value of the marginal product of labor, it is
a. minimizing labor costs. b. guaranteeing that labor costs do not exceed fixed costs. c. maximizing the number of workers it can hire and still experience a positive profit. d. maximizing profit.
The IV regression assumptions include all of the following with the exception of
A) the error terms must be normally distributed. B) E(ui W1i,…, Wri) = 0. C) Large outliers are unlikely: the X's, W's, Z's, and Y's all have nonzero, finite fourth moments. D) (X1i,…, Xki, W1i,…,Wri, Z1i, … Zmi, Yi) are i.i.d. draws from their joint distribution.
"Wine experts are discovering that California wines of several varieties and vintages are comparable to many of the best French wines. The result is an increased demand, here and abroad, for California wines." With regard to the U.S. balance on current account, this trend will
a. increase the U.S. deficit because of the rise in the price of California wine. b. decrease the U.S. deficit because of increased shipments of California wines abroad. c. decrease the demand for U.S. dollars. d. increase the U.S. demand for euros.
When competition is present and private ownership rights are clearly defined and securely enforced,
What will be an ideal response?