Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time

Suppose that initially there is no public debt. Using the above table, what is the public debt as a percentage of GDP in Year 4?

A) 5.8 percent B) 7.8 percent C) 3.6 percent D) 2.0 percent

A shift of the U.S. demand curve for Mexican pesos to the left and a decrease in the pesos price per dollar would likely result from:

a. an increase in the U.S. inflation rate relative to the rate in Mexico. b. a change in U.S. consumers' tastes away from Mexican products and toward products made in South Korea, India, and Taiwan. c. U.S. buyers perceiving that domestically-produced products are of a lower quality than products made in Mexico. d. all of these.