If general tax revenues were used to subsidize production of toothpicks, the government's actions would have
a. widespread benefits and costs
b. widespread costs and concentrated benefits
c. concentrated benefits and costs
d. widespread benefits and concentrated costs
e. widespread benefits and either widespread or concentrated costs
B
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The difference between the federal budget deficit and the national debt is that the:
a. deficit is a stock variable and the debt is a flow variable. b. deficit is a flow variable and the debt is a stock variable. c. debt includes interest payments and the deficit does not. d. deficit can be positive, but the debt can not e. debt can be negative, but the deficit cannot.
If a firm has increasing returns to scale at all levels of output, the
a. slope of its long-run total cost curve is always negative. b. slopes of its short-run average cost curves are always negative. c. slope of its long-run average cost curve is always negative. d. slope of its production function is always negative.