During which Presidential administration did the United States both end its commitment to Bretton Woods and institute significant wage and price controls?
a. Dwight Eisenhower
b. Richard Nixon
c. Jimmy Carter
d. William Clinton
b. Richard Nixon
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Why do markets tend to underproduce public goods?
The distributions of tax burdens among various groups in society is known as
A) a proportional tax. B) a progressive tax. C) a regressive tax. D) tax incidence.
Refer to the figure below. Suppose that the marginal benefit of writing a contract is $100 and the marginal cost of that contract is $150. Based on this information, the optimal contract length should be: 
A. increased by two-thirds. B. held constant at the contract length where MB = 100 and MC = 150. C. decreased. D. increased by half.
The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A. less than 1. B. equal to 1. C. infinity. D. greater than 1.