Between 1980 and the early 1990s, the national debt
a. as a percentage of GDP, decreased
b. remained fairly constant
c. as a percentage of GDP, remained relatively unchanged
d. as a percentage of GDP, increased
e. declined
D
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If the price elasticity of demand is greater than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is zero.
Faced with an uncertain situation, the best decision for a person obeying the von-Neumann Morgenstern axioms: a. minimizes loss relative to the status quo
b. minimizes variability across possible outcomes. c. maximizes the expected payoff. d. maximizes expected utility.
Which of the following is the best measure of the effects of a recession?
A. Cross-price elasticity of demand. B. Utility-maximizing rule. C. Income elasticity of demand. D. Price elasticity of demand.
The rate at which the federal government matches state Medicaid expenditures is
A. uniform across the U.S. B. dependent on the state's income and patient load. C. dependent on the state's income. D. dependent on the state's patient load.