The public debt is the:
A. Amount of U.S. paper currency in circulation
B. Ratio of all past deficits to all past surpluses
C. Accumulation of all past deficits minus all past surpluses
D. Difference between current government expenditures and current tax revenues
C. Accumulation of all past deficits minus all past surpluses
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Which economic concept explains why a large drugstore chain can produce at a lower average cost than Whoville Pharmacy, an individually owned drugstore?
a. increasing marginal returns b. diminishing marginal returns c. economies of scale d. diseconomies of scale e. constant returns to scale
When unions successfully raise wage rates,
a. the employer must cut benefits b. fewer workers may be employed c. there is decreasing pressure for workers to join the market d. a strike occurs e. the monopsony keeps the same return to monopsony power