105) By _____________ economists refer to an unanticipated inflation that reduces the real value of outstanding government debt

seigniorage

the inflation tax

cost of inflation

unanticipated default

Answer is:

the inflation tax

primary budget defici

cyclically-adjusted budget deficit

exogenous budget deficit

smoothed budget deficit

Answer is:

the area BDL’L

the area of WBDW’

the areas WBFW’ and FDL’L together

.the areas WBDW’ and FDL’L together

Answer is:

.a negative externality

.a positive externality

increasing return

a public good

Answer is:

those levied unexpectedly after economic decisions have taken place

.ad valorem taxes

those consistent with the Ramsey principle of public finance

.proportional income taxes

Answer is: