If the quantity of housing demanded ________ the quantity of housing supplied, scarce housing resources are allocated efficiently because the marginal cost of the housing ________ the marginal benefit
A) is more than; equals
B) is less than; equals
C) equals; is more than
D) equals; is less than
E) equals; equals
E
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Economic models are used to
A) represent the complexities of economic environments. B) explain every detail of an economic theory. C) explore decision making by individuals, firms and other organizations. D) build physical renditions of government construction projects.
A Lorenz curve measures
A) the benefits received through welfare programs. B) the actual income distribution and compares it to an equal income distribution. C) the degree to which income taxes are regressive. D) the effect of flat taxes on income distribution.
From the classical perspective, a decrease in output during a recession is a result of
A) firms voluntarily supplying fewer goods and services in the marketplace. B) a greater quantity of goods and services supplied than is the quantity demanded for these goods and services. C) the decrease in the overall level of production due to those firms which were forced to shut down. D) the decline in availability of factors of production which naturally occurs at the onset of a recession.
Compared to the size of GDP in 2014, the net national debt was approximately
A. 10 percent as large. B. 33 percent as large. C. 60 percent as large. D. about twice as large.