Refer to above figure. With free trade and no tariffs, what is the quantity of Widgets consumed domestically?
What will be an ideal response?
100
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Drawbacks of the federal government budget process include: a. the use of continuing resolutions that reward last year's programs without adequate review of performance. b. Congress having too much control over the budget
c. a short review period for Congress that results in poor choices in funding programs. d. Congress having to approve a budget with at least a two-thirds majority vote. e. the President having too much power to cancel any proposed expenditure without the possibility of a Congressional override.
_________________ —a term describing a good in which the quantity demanded falls as income rises and in which quantity demanded rises and income falls.
a. Complement good b. Inferior good c. Normal good d. Superior good
The discovery of new oil deposits will cause
A. both the long-run and the short-run aggregate supply curves to shift to the right. B. the short-run aggregate supply curve to shift to the right, but not the long-run aggregate supply curve. C. the long-run aggregate supply curve to shift to the right, but not the short-run aggregate supply. D. the long-run aggregate supply curve to shift to the right and the short-run aggregate supply curve to shift to the left.
Subsidies paid to the health care industry for Medicare patients are paid by
A) Congress. B) the Teamsters union. C) current taxes. D) the Federal Reserve.