Transfer payments are the ________ in the government's budget.
A. largest revenue source
B. smallest revenue source
C. smallest expenditure source
D. largest expenditure source
Answer: D
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Price taking behavior exists in
A) perfectly competitive markets. B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist. C) automobile markets where consumers have to take the price set by the dealer. D) Both answers B and C are correct.
The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the
A) allocation of resources is efficient. B) market equilibrium produces 800 tons more than the efficient amount. C) market equilibrium produces 1,600 tons more than the efficient amount. D) market equilibrium produces 800 tons less than the efficient amount.
Which of the following is assumed constant in the short-run Classical model?
A) Money supply B) Output C) Aggregate demand D) Wages
A new hormone will increase the amount of milk each cow produces. If this hormone is adopted by many dairies, what will be the effect on the milk market?
a. an increase in supply, higher equilibrium price, and lower equilibrium quantity b. a decrease in supply, lower equilibrium price, and lower equilibrium quantity c. an increase in supply, lower equilibrium price, and higher equilibrium quantity d. an increase in supply, higher equilibrium price, and higher equilibrium quantity e. a decrease in supply, lower equilibrium price, and higher equilibrium quantity