In the figure, the unregulated market equilibrium occurs at a price of ________ a ton and quantity of ________ tons
A) $100; 4,000
B) $150; 2,000
C) $150; 4,000
D) $225; 4,000
E) $100; 2,000
A
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Which of the following indicates a high degree of competition?
A) A HHI that is between 1,800 and 2,800. B) A HHI that exceeds 2,800. C) A concentration ratio that is less than 40 percent. D) A concentration ratio that is greater than 60 percent.
One should ignore the degree of income inequality _____
a. when one considers the design of redistribution programs b. when one only cares about improving the lot of the worst off in society c. when considering whether or not to transfer resources from the rich to the poor d. when considering progressive taxation
If the short run elasticity of demand for widgets is 1.1 and the long run elasticity of demand for widgets is 3.6, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
Why do economists think that the structural deficit is a good measure of the direction of fiscal policy?
a. Because it adjusts over the business cycle, and reflects the fiscal stimulus of policy. b. Because it changes when policy changes, rather than when the economy changes. c. Because it changes when monetary policy changes, reflecting the interest rate cost of debt. d. Because it adjusts automatically, rather than requiring specific legislation.