The national debt is unlikely to cause national bankruptcy because the:
a. national debt can be refinanced by issuing new bonds.
b. interest on the public debt equals GDP.
c. national debt cannot be shifted to future generations for repayment.
d. federal government cannot refinance the outstanding national debt.
a
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When the amount of sales is large, but each sale has a low value, cheating on a cartel arrangement can significantly increase an individual firm's profits and is thus tempting
a. True b. False Indicate whether the statement is true or false
Which of the following is not a condition required for the first welfare theorem to hold:
A. No government policy interferes with the formation of prices. B. No market actor has market power. C. Tastes are quasilinear. D. Income is distributed fairly before markets open. E. (a) and (c) F. (b) and (c) G. (c) and (d) H. (b) and (d)