What occurs when it is impossible to improve the situation of one party without imposing a cost on another?
a. efficiency
b. consumer surplus
c. social surplus
d. deadweight loss
a. efficiency
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Which of the following strategies will a government adopt to increase the production of a good?
a. An excise tax on producers b. An excise tax on consumers c. A subsidy to buyers d. A capital gains tax on producers
Analyzing each action of a firm on a case-by-case basis to determine if it is in violation of the antitrust laws is generally called judgment by:
A. performance. B. structure. C. case-by-case. D. comparison.
Given an upward sloping aggregate supply curve, which of the following changes in the aggregate demand curve is observed when the Fed reduces the money supply?
What will be an ideal response?
The majority of spending in the category of government purchases comes from:
A. the federal government. B. state and local governments. C. transfer payments. D. military spending.