In 2007, relative to 2001, in the U. S., household
A. revolving debt was higher and household non-revolving debt was lower.
B. revolving and non-revolving debt were both higher.
C. revolving and non-revolving debt were both lower.
D. revolving debt was lower and household non-revolving debt was higher.
Answer: B
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The short run is the time frame
A) during which the quantities of all resources are fixed. B) that is less than a year. C) during which the quantities of some resources are fixed. D) during which the quantities of all resources are variable. E) during which all costs are implicit costs.
The above table shows the market shares for all the landscaping services in a suburban area. A merger between the three largest firms would
A) make the industry more competitive. B) increase the four-firm concentration ratio and increase the Herfindahl-Hirschman Index (HHI). C) increase the four-firm concentration ratio and decrease the Herfindahl-Hirschman Index (HHI). D) decrease the four-firm concentration ratio and decrease the Herfindahl-Hirschman Index (HHI).
The U.S. government has frequently used a "command-and-control" approach in dealing with pollution. Which of the following describes this approach?
A) The government imposes quantitative limits on the amount of pollution firms are allowed to generate. B) The government distributes information to consumers and producers on how to reduce pollution. C) The government uses subsidies to encourage firms to use new technology that reduces pollution. D) The government uses taxes in order to internalize the externalities caused by pollution.
A consumer values a car at $30,00 . and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . the transaction will generate:
a. No surplus b. $4,00 . worth of seller surplus and unknown amount of buyer surplus c. $6,00 . worth of buyer surplus and $4,00 . of seller surplus d. $6,00 . worth of buyer surplus and unknown amount of seller surplus