The federal deficit ________ in 2006 and 2007, and ________ in 2008.
A. increased; decreased
B. increased, increased further
C. decreased; increased
D. decreased; decreased further
Answer: C
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Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. the firm will earn an economic profit in the long run. B. the rest of the industry will quickly adopt the new technology. C. all firms in the market will earn an economic profit in the short run. D. all the firms in the market will earn an economic profit in the long run.
Competition would probably be abolished if society could find a way to abolish
A) inequality. B) scarcity. C) money. D) economists.
Which of the following would most likely be classified as a natural monopoly?
A) a city water district B) Microsoft C) Disneyland D) Exxon-Mobil
Other things the same, if a country raises its saving rate, then in the long run
a. both the level and growth rate of real GDP are unchanged. b. the level of real GDP is higher but the growth rate of real GDP is unchanged. c. both the level and growth rate of real GDP are higher. d. None of the above are correct.