Which of the following is heavily subsidized by state and local governments?
A) Medicare
B) Social Security
C) public education
D) food stamps
Answer: C
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Refer to Figure 7-2. The increase in domestic producer surplus as a result of the tariff is equal to
A) $11.25 million. B) $18 million. C) $32.5 million. D) $45 million.
How will an increase in lumber prices influence the home construction market?
A. The demand for newly constructed homes will increase. B. The demand for newly constructed homes will decrease. C. The supply of newly constructed homes will increase. D. The supply of newly constructed homes will decrease.
Monopolistic competition means:
A. a market situation where competition is based entirely on product differentiation and advertising. B. a large number of firms producing a standardized or homogeneous product. C. many firms producing differentiated products. D. a few firms producing a standardized or homogeneous product.
Distinguish between a balance-of-payments surplus and a balance-of-payments deficit in terms of payments of official reserves.
What will be an ideal response?