When sellers have more information about hidden characteristics of a good than buyers have, more low-quality units are likely to be sold than high-quality units. This is
a. the law of diminishing marginal returns
b. the law of natural selection
c. the winner's curse
d. the lemons problem
e. the problem of common pools
D
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Who pays the interest on government debt for the money it borrows today?
A) future generations of taxpayers B) the Congressional Budget Office C) the Federal Reserve D) The government does not pay interest on money it borrows.
Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.