Since 1994 the number of people on the welfare rolls has
A. risen substantially.
B. risen slightly.
C. stayed about the same.
D. fallen substantially.
D. fallen substantially.
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In the figure above, an
A) efficient output results, but the firm incurs a loss per household which must be subsidized in some way. B) inefficient output results, though the firm covers its costs. C) efficient output results, though marginal costs exceed average total costs. D) inefficient output results because the firm cannot cover its costs. E) efficient output results because consumer surplus is maximized.
How does the phenomenon of diminishing returns to capital explain the catch-up effect?
A decrease in the money supply creates an excess
a. supply of money that is eliminated by rising prices. b. supply of money that is eliminated by falling prices. c. demand for money that is eliminated by rising prices. d. demand for money that is eliminated by falling prices.
How do the deadweight losses of a tariff differ when the domestic industry is perfectly competitive from when it is a monopoly?
a. They are the same. b. Deadweight losses are larger for a perfectly competitive industry than for a monopoly. c. Deadweight losses are larger for a monopoly than for a perfectly competitive industry. d. It is not possible to compare deadweight losses of a monopoly with those of a perfectly competitive industry.