The national debt is best described as the:
a. amount by which this year's federal spending exceeds its taxes.
b. value of all U. S. Treasury bonds owned by foreigners.
c. sum of all federal budget deficits, past and present.
d. percentage of GDP needed to finance a country's investment.
c
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A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government
Indicate whether the statement is true or false
A rightward shift in an aggregate demand curve will cause
A. Higher prices, but not higher output, if the aggregate supply curve is vertical. B. No change in prices or output if the aggregate supply curve is upward-sloping. C. Higher output, but no change in prices, if the aggregate supply curve is vertical. D. Higher prices, but no change in output, if the aggregate supply curve is horizontal.