As a result of the bargaining advantages enjoyed by bureaus, they will generally have budgets that are ____
a. are larger than optimal
b. are smaller than optimal
c. optimal
d. unable to be characterized in a general manner
a
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________ is the value of a good minus the price paid for it summed over the quantity bought
A) Producer surplus B) Consumer surplus C) Surplus D) Shortage
If the demand for money is insensitive to the interest rate, then the most effective expansionary policy would be
A. fiscal policy. B. monetary policy. C. neither fiscal nor monetary policy. D. both fiscal and monetary policy.
In a simple Keynesian model, the aggregate supply curve is upward sloping
Indicate whether the statement is true or false
The military is NOT a perfectly competitive market because
A) there is only one buyer, i.e., the government, for military goods/services. B) there is imperfect information, i.e., intelligence branches. C) there are heterogeneous goods/services because each military branch provides different goods/services. D) All of the above.