After World War II (1941–45), the U.S. public debt
(a) remained unchanged in 1947 even though the government ran a budget
surplus (government expenditures fell below revenues in 1947).
(b) continued to rise even though the government ran a budget surplus at times.
(c) decreased even though the government ran a budget surplus continuously.
(d) remained high while the government continuously ran deficits.
(b)
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When does a resource earn only economic rent?
a. When the supply curve of the resource is relatively elastic b. When the supply curve of the resource is horizontal c. When the supply curve of the resource is vertical d. When the supply curve of the resource is relatively inelastic e. When the supply curve of the resource is backward bending
A voluntary production reduction program:
A. offers firms incentives to reduce their production voluntarily. B. forces firms to reduce their production. C. offers firms incentives to increase their production voluntarily. D. forces firms to increase their production.