The national debt
A) The year-end national debt is equal to the debt at the beginning of the year plus the deficit..
B) Grew substantially during the 2007-2009 recession.
C) Is equal to total public and private debt.
D) All of the above.
Answer: D
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When financial institutions go on a lending spree and expand their lending at a rapid pace they are participating in a
A) credit boom. B) credit bust. C) deleveraging. D) market race.
Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) and that the market price is expected to rise at least to ATC in the near future. In the short run, a firm that is a price taker would
a. immediately shut down and get out of the industry. b. continue to produce a quantity such that marginal revenue equals marginal cost. c. shut down temporarily, in hopes of restarting in the near future. d. cut price and expand output in hopes of achieving economies of scale