Public education is priced below market price largely as a result of
A) government subsidy programs.
B) under-funded public education.
C) rising test scores by students.
D) taxpayers who contribute little to the funding of public education.
Answer: A
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In the aggregate expenditures diagram, the 45° line represents the equilibrium condition that
A. Y* = Y. B. AE = C + I + G + NX. C. I = C. D. Y = AE.
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C). Which of the following changes would cause the equilibrium to change to point B?
A) a positive change in the technology used to produce motorcycles and decrease in the price of motorcycle insurance, a complement to motorcycles B) an increase in the number of motorcycle producers and an increase in the number of consumers who prefer riding motorcycles C) an increase in the wages of motorcycle workers and an increase in the price of motorcycle insurance, a complement to motorcycles D) an increase in the wages of motorcycle workers and a decrease in the price of motorcycle insurance, a complement to motorcycles
Assume that a profit maximizing monopolist is producing a quantity such that marginal revenue exceeds marginal cost. We can conclude that the
A) firm is maximizing profit. B) firm's output is smaller than the profit maximizing quantity. C) firm's output is larger than the profit maximizing quantity. D) firm's output does not maximize profit, but we cannot conclude whether the output is too large or too small.
Refer to the above payoff matrix (in years of sentence) for two people (A and B) charged for robbery. Which of the following is the outcome of the dominant strategy without cooperation?
A) Both A and B confess. B) Both A and B do not confess. C) A confesses while B does not confess. D) A does not confess while B confesses.