Which of the following statements is incorrect?
A. Budget deficits raise the national debt.
B. The concepts of deficit and debt are closely related.
C. Getting rid of the deficit eliminates accumulated debt.
D. Budget surpluses lower the national debt.
Answer: C
Economics
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If a consumer doubles her quantity of ice cream consumed when her income rises by 25%, then her income elasticity of demand for ice cream is
A) 8.0. B) 4.0. C) .25. D) .08.
Economics
The full employment level of GDP is sometimes referred to as “potential GDP.”
Answer the following statement true (T) or false (F)
Economics