Social Security spending and Medicare spending are all financed with revenues held in trust funds
Indicate whether the statement is true or false
F
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In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. Prior to the deal, a 12-ounce can of CheapFizz sold for 75 cents. After the deal you would expect a 12-ounce can of CheapFizz to sell for:
A. more than 75 cents because the demand curve for CheapFizz soda will shift to the left. B. more than 75 cents because CheapFizz is the only company that can sell soda on campus. C. less than 75 cents because CheapFizz will have greater volume and so can lower its price. D. 75 cents because that is the market price.
If there is a direct relationship between two variables, the graph relating those two variables will be:
A. downward-sloping. B. vertical. C. horizontal. D. upward-sloping.
Which of the following best exemplifies a deadweight cost?
A) Eating something in a restaurant you don't really want because you have already paid for it. B) Paying for something in a restaurant but not eating it. C) Refusing dessert in a restaurant although it is included in the price of the meal. D) Tipping the waiter even though he gave slow, surly, and inattentive service. E) Waiting twenty minutes for a table to become available in a restaurant.
To calculate GDP using the value-added method, one would add up
A) the market value of intermediate goods and services produced during a particular period. B) the value added by each firm involved in the production of final goods and services. C) the market value of final goods and services produced during a particular period. D) only the value added by the underground economy.