The national debt
A) is the difference between total government revenues and government expenditures.
B) is the sum of all past federal deficits plus any surpluses.
C) is the sum of all past federal deficits less any surpluses.
D) grows when government spending increases.
Ans: C) is the sum of all past federal deficits less any surpluses.
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Which of the following is true for the game in Scenario 13.3?
A) Moto's dominant strategy is the CD changer. B) Moto's dominant strategy is the free maintenance. C) Zport's dominant strategy is the low-profile tires. D) Zport's dominant strategy is the sun roof. E) Neither company has a dominant strategy.
Lobbying efforts by individuals and firms:
a. increases productive efficiency in the economy. b. merely transfer income and wealth from one individual or group to another. c. enables the firms to experience economies of scale. d. improves the overall standard of living in the economy. e. helps the economy to produce the efficient level of output.