Is the federal government budget today in surplus or deficit?
What will be an ideal response?
Currently, the U.S. federal government is running a (large) budget deficit.
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Assume that Figure 4-16 shows the supply of steak. An increase in the price of pork will change the supply from
a. S1to S2. b. S2to S1. c. S2to S3. d. S1to S3.
In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate exceeds the equilibrium real wage rate, there is a ________ of labor and the real wage rate will ________
A) surplus; fall B) shortage; fall C) shortage; rise D) surplus; rise E) surplus; not change because only efficiency wages or union wages can change.
An oligopolist differs from a perfect competitor in that
A) the market demand curve for a perfectly competitive industry is perfectly elastic but it is downward-sloping in an oligopolistic industry. B) there is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power. C) there are no entry barriers in perfect competition but there are entry barriers in oligopoly. D) firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
When banks offer borrowers smaller loans than they have requested, banks are said to
A) shave credit. B) rediscount the loan. C) raze credit. D) ration credit.