A government deficit occurs when
A) the government spends more than what it gets in taxes.
B) public goods are worth less than what was paid for them.
C) a government loses an election.
D) the government still has Treasury bonds to reimburse.
A
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The most important function of the Fed is to
A) provide a system for collecting and clearing checks. B) regulate the money supply. C) collect taxes. D) support the federal government's deficit spending by buying government securities.
In choosing the optimal output, the monopolist had only to consider its own costs and the demand curve that it faced. How do things change under duopoly and what does the Cournot model argue about how firms will behave?
What will be an ideal response?
A model is used to explain economic behavior. Therefore
A) the assumptions must be complex while the model itself is simple. B) the model must be complex. C) the model must be simple. D) the model can be either simple or complex so long as it explains economic behavior.
Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal’s baseball game at Wrigley Field. Buyer Willingness to Pay Jennifer $10 Bryce $15 Dan $20 David $25 Ken $50 Lisa $60
Refer to Table 7-4. If you have two (essentially) identical tickets that you sell to the group in an auction, what will be the selling price for each ticket? a. $61 b. $51 c. $26 d. $21