Which of the following is true?
a. In 2002, national defense accounted for more than half of federal spending.
b. Federal spending on national defense has increase rapidly during the last several decades.
c. Federal spending on health care programs such as Medicare and Medicaid has increased rapidly during the last several decades.
d. Federal spending in the aftermath of hurricane Katrina expanded over 50%.
C
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Why do rent ceilings lead to shortages and black markets?
What will be an ideal response?
Cost curves in the long run differ from cost curves in the short run.
Answer the following statement true (T) or false (F)
The parable called the Tragedy of the Commons applies to goods such as
a. fire protection and cable TV. b. tornado sirens and basic research. c. clean air and clean water. d. antipoverty programs and national defense.
When the price of a good rises, the demand for its complements will tend to rise
Indicate whether the statement is true or false