What proportion of the federal spending is available for discretionary spending?
A. 9 percent.
B. 14 percent.
C. 23 percent.
D. 46 percent.
B. 14 percent.
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Explain why in cities such as New York City that have rent ceiling laws, so many people who work in the city commute from outside the city
What will be an ideal response?
Which of the following is a component of the incomes approach to GDP?
A) consumption expenditure B) wages and salaries C) investment D) government expenditure on goods and services
More than 80 percent of the home heating oil used in the United States goes to the Northeast. In Vermont, the vast majority of people there use oil to stay warm when it's cold outside
Richard Izor heats his home with oil and inquires, "I'd like to see them come in and put a ceiling on the oil price now before it gets any higher. Why they haven't done this is more than I can understand." Which of the following is NOT likely to occur if such a price ceiling was imposed? A) There would be a surplus of heating oil. B) A heating oil shortage may occur. C) A black market for heating oil may be created. D) There would be an increase in inefficiency in the heating oil market.
Why is price discrimination legal but not discrimination based on race or gender?
A) because price discrimination enables firms to increase output and employment, but race- or gender-based discrimination reduces employment B) because price discrimination reduces deadweight loss, but discrimination based on race or gender increases deadweight loss C) because price discrimination involves charging people different prices based on their willingness to pay rather than on the basis of arbitrary characteristics D) because price discrimination increases profits and therefore tax revenues for the government, but discrimination based on race or gender reduces tax revenues