The longest business-cycle expansion in U.S. history occurred during the ten years from:
A. 1991 until 2001.
B. 1919 until 1929.
C. 1959 until 1969.
D. 1938 until 1948.
Answer: A
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The current price floor in the agricultural lettuce market makes it such that the price of lettuce is 25% higher than the equilibrium price and that 100 heads of lettuce are demanded
Assuming that the elasticity of demand for lettuce is -0.50, how much would revenue (P ? Q) change for the lettuce company if the government removed the current price floor? A) Revenue will increase by $15.60. B) Revenue will decrease by $15.60. C) Revenue will increase by $40.60. D) Revenue will increase by $ 9.40.
If the government desires to raise a certain amount of revenue by taxing a monopoly, an ad valorem tax will
A) generate the same loss of consumer surplus as a specific tax. B) generate a greater loss of consumer surplus than a specific tax. C) generate a smaller loss of consumer surplus than a specific tax. D) generate no loss of consumer surplus.
The trend followed by the annual federal budget deficits and surpluses as a percentage of GDP during the 1990s and 2000 . reveals: a. large deficits in the early 1990s
b. surpluses in the early 1990s. c. a balanced budget in the early 2000s. d. surpluses in the late 2000s.
Industries, where economies of scale dictate that only a few firms produce, will be efficient if the markets in which they sell are
A. perfect. B. contestable. C. close to each other. D. protected from entry.