The U.S. federal government spends its revenues in a number of ways. Rank the following spending categories from largest to smallest
a. income security, health, national defense, net interest
b. health, national defense, net interest, income security
c. net interest, health, income security, national defense
d. national defense, income security, net interest, health
a
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Because producers do not bear the external cost of pollution
A) private production exceeds the economically efficient level. B) the economically efficient level of production is achieved. C) private production is below the economically efficient level. D) the market price is too high.
All else equal, the price elasticity of demand tends to be higher when:
A. a good has many substitutes. B. the time horizon is relatively short. C. supply increases. D. people spend a small fraction of their budget on the good.
The Lawn Ranger, a landscaping company, has total costs of $7,000 and total fixed costs of $5,000. The Lawn Ranger's total variable costs are
A. $2,000. B. $3,000. C. $5,000. D. indeterminate because the firm's output level is unknown.
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. At equilibrium, producer surplus is area
A. A + B + C. B. A. C. E + F + G. D. G.