Which of the following is true?
a. Real federal spending per person was approximately 50 times higher in 1900 than 1800.
b. Real federal spending per person grew more rapidly during the 19th century than during the 20th century.
c. Real federal spending per person was approximately 60 times greater in 1990 than in 1916.
d. Real federal spending per person has decreased significantly since 1964.
C
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During the Civil War, __________ fell in the North
a. nominal wages b. real wages c. prices d. All of the above
When producers do not produce the efficient amount of a product because they are unable to charge consumers what they are willing to pay for it, then we have a:
A. Demand-side market failure B. Supply-side market failure C. Competitive market D. Monopolistic market
Consider a market with (inverse) demand p = 100 - 2Q. There are two firms in the market with constant marginal and average costs of $10
a. Determine the Cournot equilibrium quantities and price b. What would be the collusive (joint-profit maximizing) price and quantity? c. Derive the deadweight loss from (i) Cournot Dupoly, (ii) Collusion, and (iii) Perfect competition in this market with the two firms.
Bobby's neighbor is growing a tree that is blocking Bobby's ocean view. Bobby is considering taking his neighbor to court. This is most likely an example of a:
a. considerate neighbor. b. public good. c. free rider. d. positive externality. e. negative externality.