The basic human tendency to overvalue recent experience when trying to predict the future is called:

The national debt is the amount

A) by which government outlays exceed tax revenue in a given year. B) by which government tax revenue exceed outlays in a given year. C) of government outlays summed over time. D) of debt outstanding that arises from past budget deficits. E) of all future entitlement spending.

Economists studying the effect of the China shock on the U.S. economy point out that the firms most hurt by Chinese imports have been

A) evenly distributed across the United States. B) almost exclusively located in the Northeast. C) concentrated in certain states, particularly in the Midwest and Southeast. D) located primarily along the Pacific coast.