If the national debt is owed to foreigners,
A. the debt constitutes a burden to domestic citizens.
B. economic growth will necessarily be higher than if the debt were owed to domestic citizens.
C. paying off the debt will involve a transfer of resources within the country.
D. future interest payments on the debt are not a burden to the nation.
Answer: A
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The supply of sand is perfectly inelastic and the demand curve for sand is downward sloping. Hence, if a tax on sand is imposed,
A) sand buyers pay the entire tax. B) sand sellers pay the entire tax. C) the tax is split evenly between the buyers and sellers. D) the government pays the entire tax. E) the government collects no tax revenue because the supply is perfectly inelastic.
International trade currently involves about ______________ worth of goods and services thundering around the globe.
a. $200 billion b. $20 trillion c. $200 trillion d. $2 trillion