Under the U.S. Constitution, individual states
(a) have no power.
(b) control laws regulating state businesses.
(c) benefit from the ability to borrow from other countries to finance taxes due to the central government.
(d) regulate trade with foreign countries conducted in and by the state.
(b)
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Proponents of the ________ model argue that the short-run supply curve is vertical
A) the monetarist model B) the new classical model C) the new Keynesian model D) the real business cycle model
A second-price auction
a. is also called a Vickrey auction b. is conducted by bidders submitting a single sealed bid c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above
Which of the following observations is true of the federal budget between 1960 and 2010?
a. The federal budget was in deficit in the early 1960s. b. Between 1960 and 1970 the federal budget deficit reflected a sharp increase. c. The federal budget was in surplus between 1970 and 1980. d. The federal budget deficit was the highest in the late 1990s. e. The federal budget deficit was lower than 600 billion dollars in 2010.
Professional organizations (for example, the American Medical Association and the American Bar Association) have been active advocates for regulation to restrict the right of professionals to advertise. Describe what economic incentives might exist for existing professionals to restrict advertising