During the period from 1999 - 2008, federal budget deficits
A. were never calculated.
B. fell dramatically.
C. increased as a percentage of GDP.
D. can be regarded as structural.
C. increased as a percentage of GDP.
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The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. At Kaffenia's efficient quantity of doughnuts
A) total consumer surplus is zero. B) total producer surplus is zero. C) consumer surplus exceeds producer surplus by the greatest possible amount. D) the sum of consumer surplus and producer surplus is maximized.
For W to be an effective control variable in IV estimation, the following condition must hold
A) E(ui) = 0 B) E(ui|Zi,Wi) = E(ui|Wi) C) E(uiuj) ? 0 D) there must be an intercept in the regression
In the United States, monopoly regulation began primarily because:
a. there were no natural monopolies in the real world. b. the government wanted to promote other forms of business practices. c. monopolies did not typically follow occupational and safety rules. d. monopolies tended to restrict output and raise prices. e. most economists believed that the majority of industries were following the purely competitive model.
If an oligopolist reduces the price of its product: a. It may get some customers to switch from rival firms if they don't respond by reducing their prices
b. It may not get some customers to switch from rival firms if they respond by reducing their prices. c. It does not know whether its profits will rise or fall without knowing how rivals will change their prices in response. d. All of the above are true.