If the cyclical deficit shrank by $60 billion while the structural deficit increased by $35 billion, the total deficit
A. Grew by $95 billion.
B. Fell by $60 billion.
C. Grew by $25 billion.
D. Fell by $25 billion.
Answer: D
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Which of the following goods is an example of a good that is nonexcludable but not nonrivalrous?
a. National defense. b. A fishing lake. c. A lighthouse. d. A radio broadcast.
When we derive the demand curve for a good, we should remember that the
a. income effect must be greater than the substitution effect. b. substitution effect must be greater than the income effect. c. substitution effect must be in the same direction as the income effect. d. income effect and the substitution effect may work in the same or in opposite directions.
An injunction might be used to
A. increase wages. B. increase employment. C. require labor to return to work. D. increase the demand for labor.
The demand for a product is likely to be more elastic:
A. the smaller the share of the total budget spent on the product. B. when more complementary products are available. C. in the short run than in the long run. D. when more good substitutes for the product are available.