Which of the following categories will be included under state and local government spending in the U.S.?
a. Science and technology
b. Health care
c. Police and fire protection
d. International affairs
c
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An increase in costs associated with additional security measures taken by the airlines is most likely to lead to:
a. a decrease in equilibrium price and a decrease in equilibrium quantity. b. a decrease in equilibrium price and an increase in equilibrium quantity. c. an increase in equilibrium price and a decrease in equilibrium quantity. d. an increase in equilibrium price and no change equilibrium quantity.
If the government charged a tax on monopolists equal to, say, 75 percent of their economic profits, what would happen to the level of output the firm would produce? What about the price? Explain.
What will be an ideal response?
Microeconomics is the study of economics from the standpoint of:
a. The entire economy, or large sectors of it b. Specific economic units which make up our economic system c. All consumers and producers in the economy d. The aggregate levels of income, employment, and prices
Electric utilities sometimes charge higher prices for electricity used for illumination and lower prices for electricity used for heat. These lower prices for electric heat result primarily from:
A. economies of scale in electric heat generation. B. the existence of good heating substitutes. C. prices for electric heat being set at the socially optimal level. D. strict government regulation of the price charged for electric heat.