The public debt is the:
A. accumulation of federal budget surpluses and deficits over time.
B. difference between federal assets and liabilities over time.
C. accumulation of payments for goods and services purchased by the federal government over time.
D. difference between current tax revenues and government expenditures.
Answer: A
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For activities in which the benefits are concentrated and the costs widespread, governments are likely to undertake
a. too little of these activities relative to what would be efficient. b. too much of these activities relative to what would be efficient. c. exactly the amount of these activities that would be efficient. d. none of these activities.
Which of the following games might a risk-averse person play?
a. a game where she has a 50 percent chance of winning $1 and a 50 percent chance of losing $1 b. a game where she has a 50 percent chance of winning $100 and a 50 percent chance of losing $100 c. a game where she has a 60 percent chance of winning $1 and a 40 percent chance of losing $1 d. a game where she has a 40 percent chance of winning $1 and a 60 percent chance of losing $1
Which of the following is the best example of a non excludable good?
A. National parks B. Cable TV C. Beer D. Television broadcast over the air
The labor supply curve shows how many workers are willing to work
A. at any given wage. B. in order to maximize the firm's profit. C. at the minimum wage. D. at any given time. E. in a particular industry.