During 2009-2010, the federal budget
A) ran a surplus of approximately 2 percent of GDP.
B) ran a deficit of approximately 2 percent of GDP.
C) ran a deficit of approximately 10 percent of GDP.
D) was balanced during both years.
C) ran a deficit of approximately 10 percent of GDP.
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The table below describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls PerHourNumber ofTelephonesPer HourNumber ofWorkersPer Hour0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225If the price of a telephone increases to from $5 to $10 an hour and nothing else changes, then:
A. total cost would not change. B. marginal cost would not change. C. fixed cost could not change. D. marginal cost would increase by $5 at every level of output.
How might a problem like the Bird Flu which can make thousands of birds sick and scare consumers about possible problems with eating items like chicken or eggs affect the market for chicken?
A. Price increases and quantity is indeterminate B. Quantity increases and price is indeterminate C. Quantity decreases and price is indeterminate D. Price decreases and quantity is indeterminate
Which of the following items is most likely to be an inferior good?
a. bus tickets b. airline tickets c. housing d. stereo equipment e. home computers
All but which one of the following could be expected to result from rent controls?
a. an increase in housing b. substandard housing c. waiting lists for housing d. a decline in apartment construction e. black market in housing