The government strives to operate at neither a deficit nor surplus budget in order to keep the federal budget
A) balanced. B) in line with the stock market.
C) equal to that of other countries. D) equal to inflation.
A
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Grapes can be used to produce wine or raisins. Which graph in Figure 4-6 best depicts the effects on the U.S. raisin market of a decline in purchases of domestic wine?
A. 1 B. 2 C. 3 D. 4
Downward sloping long-run supply curves occur in markets
A) with learning-by-doing. B) with increasing returns to scale. C) with constant returns to scale. D) Either A or B
What is one reason patents are required?
A) Information concerning innovation is private and secure. B) Human nature is corrupt. C) Information concerning innovation is generally not private and secure. D) The patent only makes things better in the short-run.
A firm started promoting its product through advertising. This changed the product's elasticity from -1.08 to -0.99 . The firm should
a. Lower prices as the demand is more elastic b. Lower prices as the demand is more inelastic c. Raise prices as the demand is more elastic d. Raise prices as the demand is more inelastic