Which of the diagrams illustrate(s) the effect of a decline in the price of irrigation equipment on the market for corn?
A. B only.
B. C only.
C. B and C.
D. D only.
B. C only.
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Total utility describes
A) the benefit gained from all consumption. B) an increase in consumption multiplied by the gain in utility. C) total consumption multiplied by marginal utility. D) total consumption divided by marginal utility.
Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states. B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs. C. Most people receiving welfare benefits are black. D. Each state sets its own welfare payments.
“If economic forecasting was a more exact science, the business cycle could be entirely corrected by fiscal measures.” Do you agree?
What will be an ideal response?
Which of the following contributed to the turn-around in the U.S. government budget from a surplus in the early 2000s to record deficits by the end of the decade?
A. An increase in tax revenues because of a recession. B. An increase in business saving. C. An increase in government purchases on homeland security and wars. D. An increase in household saving.