Determining the optimal level of military expenditures is easy because the preferences of the median voter a reflected in the vote for president
a. True b. False
b
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Refer to Figure 4-2. What area represents the decrease in producer surplus when the market price falls from P2 to P1?
A) B + D B) A + B C) C + E D) A + C + E
The Second Bank of the United States was deemed unconstitutional and, therefore, its charter was not renewed
Indicate whether the statement is true or false
Markets tend to underallocate resources to the production of a good when
A) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
On the Lorenz curve, the vertical axis measures ______, and the horizontal axis measures ______.
a. cumulative percentage of income; cumulative percentage of households b. cumulative percentage of households; cumulative percentage of income c. cumulative national income; cumulative national debt d. cumulative national debt; cumulative national income