
Explain the debt a burden on future generation.

Explanation of Solution
The US has the nation debt of under $1 trillion until 1980, in these most of it resulting from government deficits during recessions or wars. The wartime debt corresponded to a decrease in investment for peacetime uses, but few would regard this as a true burden. The deficits incurred during recessions probably did not constitute a burden either, because during a slack aggregate
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Chapter 33 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
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- Published in 1980, the book Free to Choose discusses how economists Milton Friedman and Rose Friedman proposed a one-sided view of the benefits of a voucher system. However, there are other economists who disagree about the potential effects of a voucher system.arrow_forwardThe following diagram illustrates the demand and marginal revenue curves facing a monopoly in an industry with no economies or diseconomies of scale. In the short and long run, MC = ATC. a. Calculate the values of profit, consumer surplus, and deadweight loss, and illustrate these on the graph. b. Repeat the calculations in part a, but now assume the monopoly is able to practice perfect price discrimination.arrow_forwardThe projects under the 'Build, Build, Build' program: how these projects improve connectivity and ease of doing business in the Philippines?arrow_forward
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