The total value of all outstanding federal government securities is called
A) the budget deficit. B) crowding out. C) the public debt. D) the trade deficit.
C
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Which of the following transactions represents the purchase of a final good or service?
A) General Motors purchases tires from Goodyear to install on its new Chevy Suburbans. B) Aunt Matilda buys a new convection oven for her condo in Boca Raton. C) Dunkin' Donuts purchases coffee beans. D) Tiffany's buys platinum wire to use in the production of its necklaces.
Relative to a mobile factor of production, economic theory suggests that the price elasticity of supply for a highly immobile factor of production (for example, land) will be
a. more elastic. b. less elastic. c. of unitary elasticity. d. this is a trick question; the price elasticity of supply for factors of production is not affected by factor mobility.