Drawbacks of the federal government budget process include:
a. the use of continuing resolutions that reward last year's programs without adequate review of performance.
b. Congress having too much control over the budget
c. a short review period for Congress that results in poor choices in funding programs.
d. Congress having to approve a budget with at least a two-thirds majority vote.
e. the President having too much power to cancel any proposed expenditure without the possibility of a Congressional override.
a
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Winner's curse is likely to happen in which of the following auctions?
A) unexplored oil reserves B) corn stored in a warehouse C) 1,000 ton of iron ore D) U.S. Treasury Bonds
A portrait photographer produces packages of 100 photos. If sales increase from 600 to 700 packages, total revenue increases from $1,200 to $1,400 . The marginal revenue per photo of the 700th package is
a. $200 b. $100 c. $20 d. $2 e. $1
The CPI is based on a representative group of goods called the market basket
Indicate whether the statement is true or false
Tariffs and quotas create a loss in social welfare because
A) producer surplus declines. B) revenues from tariffs are misspent. C) consumer surplus declines. D) All of the above.