Suppose you bought a Volkswagen Beetle for 12,000 euros, and $1 would buy 0.90 euros. You would find the cost of the car in dollars and cents by
A. dividing 12,000 by 1.11.
B. dividing 1.11 by 12,000.
C. dividing 12,000 by 0.90.
D. dividing 0.90 by 12,000.
C. dividing 12,000 by 0.90.
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The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output and prices. B. lower level of output and prices. C. higher level of output at lower prices. D. lower level of output at higher prices.
Legislation that contains a number of projects benefiting local interests at the expense of the general taxpayer is called
a. balanced-budget legislation. b. pork-barrel legislation. c. voucher legislation. d. public-goods legislation.
Which of the following statements is true?
A) A budget deficit occurs when government expenditures exceed tax receipts during any single year. B) The public debt is the total amount the federal government owes its creditors. C) The public debt is greater than the net public debt. D) b and c E) a, b, and c