The public debt can be thought of as
A) the total amount the government spends for goods and services.
B) the total amount consumers owe on their credit cards.
C) accumulated budget deficits and surpluses.
D) the total amount in taxes consumers pay to the government.
C
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The supply and demand for wheat is given by QS = 200 + .2A + p and QD = 500 - p, where p is the price of wheat and A is the amount of rainfall (inches per year). The effect of an incremental increase in rainfall on equilibrium will be
A) a decrease the price of wheat by 10¢. B) a decrease the price of wheat by 20¢. C) an increase in the price of wheat by 20¢. D) an increase in the price of wheat by 10¢.
In the above figure, if the economy is in equilibrium at E1, then
A) the economy is producing below its potential long-run equilibrium at full employment. B) the economy is producing above its potential long-run equilibrium at full employment. C) there is an inflationary gap in the economy. D) the economy is in a period of high inflation.