Economists who are primarily responsible for advising Congress on economic matters work in which agency?

A trade surplus could be balanced by all of the following except

a. borrowing from domestic citizens. b. selling domestic assets to foreigners. c. borrowing from foreigners. d. selling foreign assets already owned by U.S. citizens to foreigners.

A perfectly competitive steel mill that produces large amounts of pollution (a negative externality) will, from a social point of view,

a. produce too little steel. b. produce the socially optimal quantity of steel. c. produce too much steel. d. produce too much steel only if it installs pollution control equipment.