When General Dwight D. Eisenhower ran for the presidency for the first time, he said he would
A. end the recession and end inflation.
B. end the recession and end the Korean War.
C. end inflation and end the Korean War.
D. end the recession, the Korean War, and inflation.
C. end inflation and end the Korean War.
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In Figure 4-18, there would be a shortage of T-shirts if the price were
A. $10 and the market price will rise. B. $8 and the market will tend toward equilibrium. C. below $8 and the shortage persists. D. between $8 and $6 and the shortage will get larger.
Which of the following is TRUE about a firm in monopolistic competition in the long run?
A) P = MC B) P = MR C) ATC = MC D) P = ATC E) MC = ATC
External costs are those costs:
A. that fall directly on an economic decision maker. B. that fall indirectly on an economic decision maker. C. that are imposed without compensation on someone other than the person who caused them. D. that are both social costs and private costs.
The federal government's primary source of revenue is
a. the corporate income tax b. the personal income tax c. property taxes d. sales taxes e. customs duties