Many economists look at the Federal Budget and see that it should be broken into
A. a capital budget and an everyday budget.
B. an operating budget and a capital budget.
C. a defense budget and a non-defense budget.
D. an operating budget and a defense budget.
Answer: B
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A market with well-established rules and structure is a(n) ________ market.
A. formal B. informal C. specific D. general
What makes it extremely difficult for cartels to function effectively without government assistance?
A) Cartel members cannot agree among themselves on the optimum price because all have different costs. B) High prices encourage cartel members to offer discounts, and they attract new entrants to the industry. C) Marginal cost will not equal marginal revenue except at output levels beyond the cartel's capacity. D) Public interest considerations usually require an output greater than the cartel's net revenue maximizing output. E) The hostility of the public to price exploitation makes it difficult for the cartel to defend itself against the consequences of popular hostility.
The interest rate in Canada rises while the interest rate in the United States does not change. The
A) demand curve for Canadian dollars will shift leftward. B) demand curve for Canadian dollars will shift rightward. C) demand curve for U.S. dollars will shift rightward. D) demand curves for both Canadian and U.S. dollars will remain unchanged.
Use the figure below to answer the following question.
If a price floor in this market is set at P1, then
A. deadweight loss equals area h. B. no deadweight loss occurs. C. deadweight loss equals area d. D. more information is needed to find deadweight loss.