A federal budget ________ occurs when the federal government spends more than it collects in taxes
A) ceiling
B) deficit
C) surplus
D) equilibrium
B
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A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
Demand applies to which of the following?
A) fast food B) criminal activity C) labor market D) all of the above
Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening. b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles. c. There are many competing uses for the annual budget of your city, county, or state. d. All of the answers are correct.
The statement "saccharine causes cancer" is not a theory; it is a hypothesis
a. True b. False Indicate whether the statement is true or false