The government has a balanced budget if
A) its total revenues are equal to its total expenditures.
B) its total revenues are less than its total expenditures.
C) its total revenues are greater than its total expenditures.
D) the money supply is less than total expenditures.
Answer: A) its total revenues are equal to its total expenditures.
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Refer to the figure above. What is the domestic price of chairs in Lithasia in the absence of trade?
A) $2 B) $3 C) $4 D) $6
If I worry that if I cut my price, you will cut yours, then I am acting as if we are interdependent
Indicate whether the statement is true or false
All of the following are examples of nonprice rationing devices EXCEPT
A. waiting lists. B. black markets. C. price controls. D. queues.
Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 11th worker?
A. $13.64 B. $1.50 C. $150 D. $900